Sensex jumps 400 points, banking, metal stocks surge

The Indian stock market surged on Tuesday, tracking global cues, with the BSE Sensex closing over 400 points higher.

The across-the-board rise was led by banking, financial and metal stocks.

The Sensex closed at 55,958.98, higher by 403.19 points, or 0.73 per cent, from its previous close of 55,555.79.

It had opened at 55,647.11 and touched an intra-day high of 56,023.22 points and a low of 55,536.84 points.

The Nifty50 on the National Stock Exchange closed at 16,624.60, higher by 128.15 points, or 0.78 per cent, from its previous close.

HDFC Securities’ Head of Retail Research Deepak Jasani said that a bounce in China’s tech sector led Asian stocks higher on Tuesday and investors were also cheered by easing worries about an imminent tapering of stimulus by the US Federal Reserve.

Kotak Securities’ Executive Vice President for Equity Technical Research Shrikant Chouhan said: “The texture of the pullback rally indicates the index is likely to consolidate between 16,500 to 16,720 levels. In addition, on the intraday chart, the index has formed a higher bottom formation which suggests further uptrend from the current levels.”

The top gainers on the Sensex were Bajaj Finserv, Tech Mahindra, and Tata Steel, while the major losers were Nestle India, HDFC, and Infosys.