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Sensex rises 198 points, Nifty crosses 17,500 mark

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Powergrid’s share climbed nearly four percent among Sensex companies

Mumbai:

On Tuesday, Sensex recovered from the heavy fall of a day earlier and closed with a gain of 198 points on gains in shares of power, telecom and pharma companies. The 30-share Sensex of BSE had lost nearly 700 points in early trade. But later it made up for its loss and finally closed at 58,664.33 with a gain of 198.44 points or 0.34 percent. Similarly, the Nifty of the National Stock Exchange (NSE) gained 86.80 points or 0.50 percent to reach 17,503.35 points.

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Among the Sensex companies, POWERGRID’s share rose nearly four percent. Shares of NTPC, Tata Steel, Bharti Airtel, Sun Pharma and Bajaj Finserv were also gainers. On the other hand, IndusInd Bank, Asian Paints, Infosys, Bajaj Auto and Maruti lost up to 2.59 per cent.

Vinod Nair, Head of Research, Geojit Financial Services said, “Domestic stock markets recovered from the fall, led by stocks in metals, state-run banks and pharma companies. Midcaps and smallcaps outperformed major indices.” He said Jerome Powell has been re-nominated as the chairman of the Federal Reserve. Despite this, there was a sell-off in the US markets in the last hour of trading on Monday.

In other Asian markets, Hong Kong’s Hang Seng and South Korea’s Kospi remained in losses. On the other hand, China’s Shanghai Composite and Japan’s Nikkei gained. European markets were in losses in afternoon trade. Meanwhile, international benchmark Brent crude was trading 1.02 per cent lower at $78.89 per barrel.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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