Sensex logs best session in 3 months, surges over 1,300 pts on widespread buying

The 30-share Sensex closed the session 1,344.63 points or 2.54 percent higher at 54,318.47 -- the best day for the index since February 15. The NSE gauge Nifty50 jumped 417 points or 2.63 percent to settle at 16,259.30.
BSE

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Mumbai: Equity benchmark BSE Sensex on Tuesday spurted 1,345 points to log its best single-session gain in over three months on emergence of buying across counters.
The 30-share Sensex closed the session 1,344.63 points or 2.54 percent higher at 54,318.47 -- the best day for the index since February 15. The NSE gauge Nifty50 jumped 417 points or 2.63 percent to settle at 16,259.30.
On the Sensex chart, all 30 shares ended with gains. Tata Steel, Reliance, ITC, Wipro and ICICI Bank were top five gainers – rising in the range of 4 percent to 8 percent.
Life Insurance Corporation of India (LIC) shares debuted on the bourses on a weak note on Tuesday listing at 8.62 per cent lower than the issue price. The LIC stock opened at Rs 867.20 apiece on the BSE, down 8.62 per cent from the issue price of Rs 949. On the NSE, it opened 8.11 per cent lower at Rs 872.00 per share.
"Despite the reduction in the pre-IPO valuation of LIC, the scrip has still listed at a discount on the bourses which is in tandem with the diminution in insurance companies’ valuation and softness in the markets due to macro-economic constraints. However, given the attractive fundamentals, stability in operating metrics and expected recovery in the markets, we can potentially see some buying interest from investors,” said Shivam Bajaj, Founder & CEO at Avener Capital.
Sectorally, BSE Metal index skyrocketed 7.62 percent, Basic Materials jumped 4.26 percent, and Energy rose 4.13 percent. All 19 sectoral indices gained on the BSE in line with the benchmark.
Milind Muchhala, Executive Director, Julius Baer India, said, "The Indian equity markets, in line with the global equity markets, seem to be in the midst of a perfect storm, displaying an extremely high level of volatility. The concerns that have been weighing on the markets since then start of the year related to inflationary pressure and tightening by the global central banks seem to have got exacerbated in the past couple of months, especially with the long-drawn geopolitical crisis and the fresh wave of Covid-19 in China, which have further disrupted the supply-chains."
Elsewhere in Asia, bourses closed with significant gains, led by buoyant Chinese equities after easing of lockdowns.
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