Closing Bell: Markets extend gain for 2nd day; Sensex up over 900 points, Nifty50 above 15600 – Metal and IT lead the surge

The Indian markets for the second straight session surged, witnessing a massive buying interest across indices. Sensex gained over 900 points, while Nifty50 up over 15600 points, led by metal and IT. BSE firms regain 60 per cent of market cap lost in the last 3 sessions, up to Rs 6 lakh crore today.

At the market close, the BSE Sensex was up over 934 points or 1.81 per cent to 52,532, while Nifty gained 288 points or 1.9 per cent to 15,639 levels. The broader markets recovered Monday’s loss to outperform the benchmarks, as mid and small-cap each jumped around 3.5 per cent at the close.  

As many as 48 constituents of Nifty closed in the green at the close, with Titan shares post the biggest single-day gain since October 2021, up by over 6 per cent followed by Hindalco also up nearly 6 per cent. While Coal India, JSW Steel, and Tata Motors each gained in the range of 4-5 per cent at the close.

Besides, Adani Ports, SBI, ONGC, and TCS each gained between 3-4 per cent, while Eicher Motors, HCL Tech, Dr Reddy, Wipro, Infosys, Tata Steel, UPL, Tech Mahindra, ITC, SBI Life and NTPC gained between 2-3 per cent the market close on Tuesday.

All sectoral indices rise while the volatility index slips more than 5 per cent. Metals rebound following yesterday’s sell-off, while banking and financial extends gain for the second day. Moreover, IT and Realty were among the top sectoral gainers on Tuesday.

Markets extended rebound for the second consecutive session, tracking firm global cues. After the upbeat start, the benchmark moved from strength to strength for most of the day however marginal selling in the last hour trimmed some gains, Ajit Mishra, VP - Research, Religare Broking Ltd said.

“This move eased some pressure, but sustainability is the key. Participants are keenly eyeing the US Fed chair’s speech for cues and the progress of the monsoon is also on the radar, Mishra added.

“A decisive move above 15,700 in Nifty can further fuel the rebound to the 16,000-zone else the decline would resume. Stocks, on the other hand, are offering opportunities on both sides so traders should plan accordingly,” the VP – Research at Religare Broking said in its note.