Sensex surges 697 points as IT, oil & gas stocks jump; Nifty ends at 17,315 - Times of India

Sensex surges 697 points as IT, oil & gas stocks jump; Nifty ends at 17,315 – Times of India

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NEW DELHI: After opening on a subdued note, equity indices rebounded on Tuesday with the benchmark BSE sensex rising nearly 700 points led by gains in IT and oil & gas stocks.
The 30-share BSE index jumped 697 points or 1.22 per cent to close at 57,989, while the broader NSE Nifty settled 198 points or 1.16 per cent higher at 17,315.
Tech Mahindra, Reliance, Bajaj Finserv, ITC, TCS and Kotak Bank were the top gainers in the sensex pack rising as much as 3.83 per cent.
Whereas, HUL, Nestle India, NTPC and Sun Pharma were the only losers falling up to 2.81 per cent.
On the NSE platform, sub-indices Nifty IT, Oil & Gas and Auto gained as much as 1.96 per cent.
Both indexes had lost nearly 1 per cent on Monday on rising oil prices, and extended those losses in the first half of the current session.
However, a slight pullback in crude prices, buying in defensive information technology stocks and a gain of 2.6 per cent in bellwether Reliance helped lift equities.
“The domestic market started with a negative bias taking cues from rising crude prices and hawkish signals from Fed on aggressive policy tightening. However, the trend reversed as European markets opened on a positive note buoyed by hope that Ukraine may consider working towards a truce,” Vinod Nair, Head of Research at Geojit Financial Services told news agency PTI.
Investors also looked past the implications on domestic inflation due to the rise in oil prices. On Monday, the central bank governor said inflation was expected to moderate going forward despite “unimaginably uncertain” global prices.
Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 2,962.12 crore on Monday, according to stock exchange data.
(With inputs from agencies)



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