Sensex recovers at late buy, increases 697 points, nifty rules above 17,300

Sensex recovers at late buy, increases 697 points, nifty rules above 17,300

Sensex and Nifty, which started on a weak note, jumped ahead by buying IT and auto stocks.

New Delhi:

The Indian equity benchmark indices recovered from intraday loss during late deals to end higher on Tuesday. The domestic stock markets, which started on a weak note, jumped in lead by buying information technology and auto stocks despite weak global indications.

US Federal Reserve Chairman Jerome Powell is hanging on to a 50 basis point (bps) rate hike and crude oil trade above $ 110 per barrel due to the conflict between Russia and Ukraine.

At home, the 30-share BSE Sensex rose 697 points or 1.22 percent to close at 57,989, while the broader NSE Nifty moved 198 points or 1.16 percent higher to close at 17,316.

Mid- and small-cap stocks ended on a strong note as Nifty Midcap 100 index and small-cap stocks each rose 0.28 percent.

10 of the 15 sector meters – compiled by the National Stock Exchange – ended in the green. Nifty IT and Nifty Auto outperformed the index by as much as 1.96 percent and 1.19 percent, respectively. However, Nifty FMCG and Nifty Consumer Durables tanked as much as 0.73 percent and 0.71 percent, respectively.

On the stock-specific front, Tech Mahindra was the top Nifty winner, as the stock zoomed 4.19 percent to Rs 1,541.75. BPCL, Tata Motors, Reliance Industries and Bajaj Finserv were also among the winners.

The overall market width stood slightly negative as 1,638 stocks advanced while 1,773 declined on BSE.

In the 30-share BSE index, TechM, RIL, Bajaj Finserv, ITC, TCS and IndusInd Bank were among the top winners.

In contrast, HUL, Nestle India, Sun Pharma, NTPC and Asian Paints established themselves in the red.

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