Bulls regain ground: Sensex soars 567 pts led by bank and IT stocks
The BSE benchmark Sensex advanced 567 points or 0.87% to settle at 66,079. The broader NSE Nifty surged 177 points or 0.91% to end at 19,689.
From the Sensex pack, Bharti Airtel, Kotak Bank, JSW Steel, and Tata Motors were the top gainers, rising 2-3%.
While IndusInd Bank, TCS, and Titan closed in the red.
Among individual stocks, Mazagon Dock Shipbuilders closed 5% higher after the firm signed a Letter of Intent with a European client for the construction of multi-purpose hybrid power vessels.
Shares of Suzlon Energy closed in 5% lower circuit for the second consecutive day after it was put on Direct stage IV “ASM framework" with effect from October 9.
The Nifty Realty index climbed 4% following an 8% jump in Prestige Estates and a 6% rise in Sobha. PSU Bank stocks added 2.1%, led by Union Bank of India, and Indian Overseas Bank.
The more domestic-focused Nifty Smallcap 100 and NiftyMidcap outperformed the blue-chips, rising nearly 1.4% each.
Meanwhile, the market capitalisation of all listed companies on BSE increased by Rs 3.57 lakh crore to Rs 319.75 lakh crore.
The market breadth was skewed in the favour of the bulls. About 2,555 stocks gained, 1,099 declined, and 135 remained unchanged on the BSE.
Expert Take
«The Indian market completely recovered Monday’s losses which was mainly due to the Hamas-Israel conflict.
