Sensex rises over 500 points

Sensex rises over 500 points

Agency News

Indian equity markets opened higher on Tuesday in-line with other Asian shares, which rose tracking a late Wall Street rally as governments across the globe eased coronavirus lockdowns. As of 9:20 am, the BSE Sensex was up 1.61% or 509.40 points at 32,224.75 while the Nifty50 index traded 142.60 points or 1.53% higher at 9,436.10. Recovery in the market was led by banking, auto and metal shares.

Among Nifty shares, ONGC was the top gainer, up 4.96% followed by Zee Entertainment, Axis Bank, Vedanta, which rose between 3.37%- 4.74%. IndusInd Bank, JSW Steel, Eicher Motors, Tata Motors, Bajaj Finserv, Hindalco were the other prominent gainers in the index. Meanwhile, Bharti Infratel was the top loser in Nifty down 1.48% followed by Dr Reddy's Lab. India VIX or the fear gauge fell 5.43% to trade at 41.30.

On Monday, Sensex fell 2002.27 points or 5.94% to close at 31,715.35 while the Nifty50 index settled 566.40 points lower at 9,293.50. Monday's fall left investors poorer by Rs 5.8 lakh crore with the BSE’s market capitalisation closing at Rs 122.6 lakh crore. Both domestic and foreign institutions were net sellers of equities on Monday; FPIs sold stocks worth Rs 1,374 crore, while domestic funds were net sellers to the tune of Rs 1,662 crore.

Traders say investor sentiment has been impacted due to weak corporate results and delay in further fiscal support from the government.