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Market Update: Sensex rallies 500 points; Nifty 50 by 160 points in the opening session

Equity benchmark indices swung upward for the fourth consecutive day on Tuesday with buying across several counters.

The BSE S&P Sensex closed 519 points or 1.49 per cent higher at 35,430 while the Nifty 50 edged higher by 160 points or 1.55 per cent at 10,471.

All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty PSU bank up by 3.4 per cent, private bank by 2.7 per cent, financial service by 2 per cent and realty by 2.8 per cent.

IT stocks dipped in early trade after US President Donald Trump suspended the entry of certain foreign workers into the United States, but reversed their losses as trade progressed.

Larsen & Toubro jumped by 6.73 per cent to Rs 968.50 per share after the engineering and construction multinational called for reduction in India’s dependence on imported products, including those from China, and called for a feasible Make in India ecosystem.

Shares of IndusInd Bank rose 6.5 per cent to Rs 521.90 after the private sector lender said that its promoter had acquired additional shares of the bank through open market purchases.

Bajaj Finance rose by 9.2 per cent while NTPC was up by 5.7 per cent, Hindalco by 5.4 per cent, UPL by 3.8 per cent, Power Grid Corporation by 3.7 per cent and Axis Bank by 3.3 per cent.

However, Reliance Industries dropped by 1.4 per cent to Rs 1,721.70 per share on profit booking along with Bharti Airtel, Vedanta and Maruti Suzuki.

Meanwhile, Asian shares see-sawed in a wild ride following confusing statements from the White House over the US-China trade deal with President Donald Trump later clarifying the pact was fully intact.

Hong Kong’s Hang Seng climbed by 1.62 per cent and Japan’s Nikkei added 0.5 per cent while South Korea’s Kospi inched up by 0.21 per cent.

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