Sensex Soared 1,100 Points, Nifty Topped 14,800; Led By IT, Metal Stocks
Nazara Technologies started off the day at Rs 1,971, a premium 79.02 per cent, on the BSE
The benchmark indices surged more than 2 per cent in Tuesday's session on the back of a broad-based buying frenzy, due to positive cues from the global markets. There was strength across the European and Asian markets as investors shook off earlier worries about a hedge fund default that roiled global banking stocks overnight. The BSE Sensex ended the day at 50,136.58, higher by 1128.08 points or 2.30 per cent and the NSE Nifty closed at 14,845.10, up 337.80 points or 2.33 per cent. The BSE Midcap index and BSE Smallcap index ended with gains of 0.9 per cent and 1.3 per cent respectively.
All the BSE sectoral indices ended in the green, with the BSE IT index and metal index emerging as the top sectoral performers with gains of 2.9 per cent and 2.5 per cent respectively.
The markets had closed a per cent higher in the previous session i.e. March 26.
On the IPO front, Nazara Technologies made a stellar debut. The shares of the mobile gaming company started off the day at Rs 1,971 on the BSE, a premium 79.02 per cent compared to the issue price of Rs 1,101. On the NSE, the shares listed at a premium of 80.74 per cent at Rs 1,990.
The BSE Metal index was buoyed by the news that JSW Steel has completed a resolution plan for Bhushan Steel and Power, including a payment of Rs 193.50 billion to financial creditors. JSW Steel soared 5 per cent and Tata Steel zoomed 4.3 per cent. Information technology stocks also witnessed buying interest as the rupee declined to a 3-week low against the dollar. Infosys, Wipro, TCS and HCL Tech gained between 3.4 per cent and 3.8 per cent respectively.
M&M, Axis Bank and Hindalco bucked the strong trend, with losses of a tad more than half a per cent each, on the BSE.
The BSE market breadth was strong. Out of 3,162 stocks traded on the BSE, there were 1,551 advancing stocks as against 1,402 declines.