Sensex soars 521 points on global cues

 Spurred by positive global cues and bottom-fishing following the recent corrections, Indian markets ended with smart gains on Tuesday. While Sensex zoomed 520.91 (1.89%) to end at 28,050.88, the Nifty 50 closed 157.50 points higher (1.85%) at 8,677.90.

“Markets traded firm as investors searched for bargains, while traders drove up stocks on short covering. Positive global cues also gave a fillip to the domestic markets as stocks across the globe edged higher with commodity-related stocks leading the gains after prices of major industrial metals and crude oil rose on a softer dollar,” BNP Paribas MF Fund Manager Shreyash Devalkar said.

“Markets rose sharply on Tuesday, led by supportive global markets, expectations on the GST rate and bottom-fishing after a fall over the past few days. The announcement of the GST rate will be an important trigger for the markets, going ahead. The US elections in November will also be an important event for the global markets,” Kotak Securities Senior Vice President and Head PCG Research Dipen Shah said.

Adani Ports led the list of gainers on Nifty 50, ending up 6.9% at Rs 268.05 with volumes of 49.75 lakh shares. Other major gainers included HDFC (up 4.07% to Rs 1,355), ICICI Bank (up 4.04% to Rs 269.20), Tech Mahindra (up 3.76% to Rs 423.90), and Tata Steel (up 3.7% to Rs 426). Advancing securities on NSE outnumbered declines significantly with 1,212 out of a total of 1,704 securities advancing. Only 424 securities declined while 68 remained unchanged on NSE.

Losers were far and few on a day when the markets zoomed after a long gap. Only five out of the Nifty 50 stocks managed to end in the negative zone. Bharti Infratel was the top loser, ending down 1.5% at Rs 354.05. Other losers included ONGC, Asian Paints, BPCL and Ultratech Cement.