Relief rally was witnessed in metal, technology and banking stocks. Tata Steel, which had slumped around 5 per cent on Monday, rebounded smartly.
The Indian equities markets key indices gained smartly on Tuesday, a day after massive selloffs. The benchmark Sensex gained over 1000 points while Nifty climbed around 2 per cent.
Relief rally was witnessed in metal, technology and banking stocks. Tata Steel, which had slumped around 5 per cent on Monday, rebounded smartly. The scrip climbed 4.29 per cent to Rs.1119, recovering a major part of the previous day’s losses.
The 30 stock S&P Sensex of the Bombay Stock Exchange, which had lost 2,079 points in the previous two sessions, opened on a strong positive note at 56,320.02 points and further rallied to a high of 56,880.22 points. At around 12.18 pm, the benchmark Sensex was trading at 56,832.79 points, 1.81 per cent or 1010.78 points higher from its previous day close at 55,822.01 points.
The broader Nifty 50 of the National Stock Exchange also gained smartly. The Nifty 50 was trading at 16925.95 points, 188 per cent or 311.75 points higher than its previous day close at 16,614.20 points. The Nifty touched a high of 16,928.90 points and low of 16,722.95 in the intra-day till noon trading.
There was an across-the-board buying support a day after the massive selloffs. Tata Steel was the biggest Sensex gainer. HCL Technologies 3.58 per cent higher at Rs.1201.35; Wipro 3.01 per cent higher at Rs.686.40; Tech Mahindra 2.83 per cent higher at Rs.1644; UltraTech Cement 2.82 per cent higher at Rs.7366.70 and Titan 2.66 per cent higher at Rs.2299.10 were among the major Sensex gainers.
Only two of the 30 scrips that are part of the Sensex were trading in the red. Power Grid Corporation fell 2.26 per cent to Rs.205.05. Axis Bank dropped 0.16 per cent to Rs.673.70.