The Indian equity benchmarks staged their biggest single-day upmove of the current month on Tuesday. The Sensex rose as much as 1,201 points and Nifty 50 index touched an intraday high of 15,707 led by gains in Reliance Industries, Infosys, Tata Consultancy Services, ICICI Bank, HDFC and State Bank of India. The benchmarks staged a gap up opening and extended gains during the afternoon deals and traded firmly higher throughout the day.
The Sensex rose 934 points or 1.81 per cent to close at 52,532 and Nifty 50 index climbed 289 points or 1.88 per cent to settle at 15,639.
After falling over 7 per cent since the start of this month, the benchmarks went into oversold zone on technical charts and were due for a bounce back on account of a short covering rally which happened on Tuesday, analysts said.
Moreover, positive global cues and indication of strong session for US markets also supported bullish sentiment for Indian markets.
Global stocks rebounded Tuesday as Wall Street futures moved higher after a US market holiday.
London and Frankfurt opened higher. Tokyo, Hong Kong and Sydney gained while Shanghai declined. Oil prices climbed above $110 per barrel.
The future for Wall Street’s benchmark S&P 500 index was up 2 per cent as US markets prepared to reopen following a three-day weekend.
In early trading, the FTSE 100 in London advanced 0.7 per cent to 7,168.48. The DAX in Frankfurt added 1.3 per cent to 13,439.23 and the CAC 40 in Paris was 1.9 per cent higher at 6,030.80.
On Wall Street, the future for the Dow Jones Industrial Average was 1.7 per cent higher.
Back home, buying was visible across sectors as all the 19 sector gauges compiled by the National Stock Exchange ended higher led by the S&P BSE Oil & Gas index's 6 per cent jump. Energy, Utilities, Basic Materials, Information Technology, Capital Goods, Consumer Durables, Metal and Realty indices also climbed between 2-5 per cent.
Broader markets also witnessed buying interest as S&P BSE MidCap and SmallCap indices advanced 2.42 and 3 per cent each respectively.
In the 30-share Sensex, all shares barring Nestle India, ended higher led by Titan Company's 6 per cent jump. State Bank of India, Tata Consultancy Services, HCL Technologies, Dr Reddy's Labs, Tata Steel, Wipro, Infosys, ITC, Tech Mahindra, Larsen & Toubro and IndusInd Bank also rose between 2-4 per cent.
The overall market breadth was extremely positive as 2,502 shares ended higher while 831 closed lower on the BSE.
