HomeBusinessSensex rises 900 points from 60,000 level, reverses Friday's bloodshed

Sensex rises 900 points from 60,000 level, reverses Friday’s bloodshed

Sensex rises 900 points from 60,000 level, reverses Friday's bloodshed

Stock Market India: Sensex up more than 500 points on Tuesday

Equity benchmarks rose on Tuesday after a positive trend in the trading session witnessed at the start of the week, with the Sensex index rallying nearly 900 points back above the 60,000-level, completely reversing losses from Friday’s bloodbath.

That increase was driven by a broader pickup in risk sentiment, tracking last-hour gains in stocks on Wall Street.

Nevertheless, the risk of a volatile trading session is high as trading patterns track volume and the path of Federal Reserve rate increases in this cycle.

After closing in the green in the previous session, the 30-share BSE Sensex index climbed 882.54 points to 60,045.50 and the broader NSE Nifty-50 index rose nearly 1.6 per cent to 17,903.40.

Both the benchmarks recovered all losses and some from Friday’s market catastrophe.

Nifty IT, Metals and Auto indices were the major gainers on the NSE with gains of over 1.5 per cent. Ircon International’s stock rose 4 percent after receiving an order for $23.13 million, Reuters reported.

Prashant Taapsee, Senior Vice President, Research, Mehta Equities, said before the opening, “Nifty saw a good recovery in the market amid a cautious trend. Bell, referring to Monday’s recovery in stocks.

IndusInd Bank, Bajaj Finserv, Bajaj Finance, Axis Bank, ICICI Bank, Larsen & Toubro and Tata Steel were the top losers among the 30 companies that made up the Sensex index.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Indian market remains resilient despite global challenges. Major indices like Nifty Bank, Auto, FMCG and Cement are at record levels, only dragging IT benchmarks.”

In early Asian trading hours, MSCI’s broadest index of Asia-Pacific equities outside Japan rose 0.7 per cent and US S&P 500 futures rose 0.11 per cent.

Australian shares were up 1.1 per cent, while the Nikkei in Japan was up 0.38 per cent.

The blue-chip CSI300 index in China was up 0.54 per cent in early trade. Hong Kong’s Hang Seng index opened with a gain of 0.92 percent.

As investors wait to see how strongly the Fed will hike rates at this week’s policy meeting, major Wall Street indices closed higher on Monday after oscillating between gains and losses throughout the session.

The dollar remained strong on Tuesday, but remained below two-decade highs versus key peers.

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