Sensex rebounds 514 pts; Nifty reclaims 17,500-mark

 

Mumbai: Equity benchmark Sensex rallied 514 points on Tuesday, led by gains in Infosys, Bajaj Finance and ITC amid a supportive trend in global markets.

The 30-share Sensex ended 514.34 points or 0.88 per cent higher at 59,005.27. Similarly, the NSE Nifty surged 165.10 points or 0.95 per cent to 17,562.

Bajaj Finance was the top gainer in the Sensex pack, rising around 5 per cent, followed by IndusInd Bank, Tata Steel, ITC, Bajaj Finserv, Tech Mahindra and Infosys.

On the other hand, Maruti, Bajaj Auto, Nestle India, PowerGrid and Axis Bank were among the laggards.

“Domestic benchmark indices witnessed sharp recovery mainly led by brisk rebound in defensive sectors like IT, pharma and FMCG,” said Binod Modi, Head – Strategy at Reliance Securities.

Further, Nifty metal also witnessed strong rebound as investors utilised steep correction in metals stocks as opportunity to buy in dips, he said, adding that positive cues from global equities also supported market recovery.

Elsewhere in Asia, Hang Seng ended on a positive note, while Nikkei was in the red. Bourses in China and South Korea were closed for holidays.

Stock exchanges in Europe rallied over 1 per cent in afternoon trade.

Meanwhile, international oil benchmark Brent crude rose 0.96 per cent to USD 74.63 per barrel.