Indian shares reversed early losses to end sharply higher on Tuesday on the back of positive cues from European markets.
Domestic stocks succumbed to heavy selling pressure earlier in the day before reversing course after reports suggested that the European Union is mulling a joint-bond sale to fund energy and defense spending.
The European Union will unveil a plan as soon as this week to jointly issue bonds on a potentially massive scale to finance energy and defense spending as the bloc copes with the fallout from Russia’s invasion of Ukraine, the Bloomberg reported.
The benchmark 30-share S&P BSE Sensex hit as low as 52,260.82 before finishing the session up 581.34 points, or 1.10 percent, at 53,424.09, snapping a four-day losing run.
The broader NSE Nifty index settled up 150.30 points, or 0.95 percent, at 16,013.45, after having hit a low of 15,671.45 in intraday trade.
TCS, Cipla, Tata Consumer Products, Sun Pharma and IOC surged 3-4 percent in the Nifty pack, while Hindalco led losses to close 4.6 percent lower after recent string of gains.
ONGC slumped 4.4 percent, while Britannia Industries, JSW Steel and Tata Steel dropped 1-2 percent.
Market Analysis
Sensex, Nifty Snap Four-day Losing Run
2022-03-08 10:52:48
