Sensex Rises 446 Points; Nifty Tops 17,800

Indian shares rose notably on Tuesday despite mixed global cues.

Domestic markets opened on a weak note following a broad sell-off on Wall Street overnight on worries that the regulatory crackdowns and a collapse at Evergrande could hurt an already fragile Chinese economy and weigh on global growth.

Stocks reversed losses to edge higher in afternoon trade after a survey showed India’s services industry expanded for a second straight month in September, bolstered by improved domestic demand and easing COVID-19 restrictions.

Other Asian markets ended broadly lower earlier in the day while European stocks edged higher after a survey showed business growth across Europe remained strong last month despite shortages of inputs.

Closer home, the benchmark 30-share BSE Sensex ended the day up 445.56 points, or 0.75 percent, at 59,744.88. The broader NSE Nifty index settled at 17,822.30, up 131.05 points, or 0.74 percent, from its previous close.

ONGC shares jumped as much as 10.8 percent as oil prices surged.

Brent crude oil futures hovered near three-year highs in European trade and U.S. benchmark crude held close to 2014 peaks after OPEC and other major producers decided not to increase their output by more than previously agreed.

IndusInd Bank jumped 5 percent after the lender said its net advances rose by 5 percent sequentially and 10 percent year-on-year in the September quarter.

SBI Life, IOC and Coal India climbed 3-4 percent while Tata Consumer Products, Sun Pharma, Shree Cement, Hindalco and Cipla dropped 1-2 percent.

Shares of Srei Infrastructure Finance were locked in the 5 percent circuit limit after the Reserve Bank of India (RBI) superseded its board.