Indian shares rallied on Tuesday to extend their recovery for a second straight session, mirroring positive global cues.
Cues from Asia and Europe were mostly positive as investors looked past concerns over a U.S. hedge fund default and rising yields to focus on recovery from the Covid-19 crisis.
The benchmark 30-share Sensex soared 1,128.08 points, or 2.30 percent, to 50,136.58, with banks, financials and metal companies leading the surge.
The broader NSE Nifty index settled at 14,845.10, up 337.80 points, or 2.33 percent, from its previous close.
JSW Steel jumped 5 percent after it completed a resolution plan for Bhushan Steel and Power, including payment of Rs 193.50 billion to financial creditors.
Shares of Steel Authority of India rose over 3 percent, while Jindal Steel & Power and Tata Steel both surged around 4.3 percent.
SBI rose about 1 percent and ICICI Bank added 2.3 percent after JSW Steel said it would pay 193.50 billion rupees ($2.65 billion) to Bhushan Power and Steel’s creditors.
UPL led gainers in the Nifty pack to rise as much as 7.6 percent, while Wipro and Shree Cement climbed 3.9 percent and 4.9 percent, respectively.
Market Analysis
Sensex Zooms 1,128 Points; Nifty Nears 14,850
2021-03-30 11:02:51
