Sensex and Nifty bounced back more than 1 per cent, thanks to stellar performance in IT and auto sectors. With this, Dalal Street saw its longest losing streak of seven sessions since February 2023 coming to an end.
Sensex and Nifty soared more than 1.4 per cent on Tuesday. The 30-stock BSE benchmark reached an intraday high of 78, 451.65 while NSE's Nifty 50 index climbed to as high as 23,780.65.
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Among Nifty 50 stocks, Mahindra & Mahindra, Trent, Tech Mahindra, Tata Motors, Dr Reddys Laboratories, Titan, Wipro, Eicher Motors, HDFC Bank, Sun Pharmaceuticals, Adani Ports, Hero MotoCorp, Infosys and TCS were among top gainers.
The laggards in the index included SBI Life Insurance, HDFC Life Insurance, Bajaj Finserv, Shriram Finance, SBI and ICICI Bank.
However, it is not just the benchmark indices that saw a comeback but also the mid cap and small cap indices. Nifty Smallcap 100 rose by 2.07 per cent.
Why did Sensex, Nifty surge today?
One of the main reasons for the rebound market is value buying at low levels that were last seen in June.
Strong buying from domestic institutional investors kept the market resilient while equities offloaded by the foreign institutional investors saw a decline. DIIs bought equities worth Rs 2,330.56 crore on Monday while FIIs sold shares worth Rs 1,403.40 crore.
On Monday, Sensex declined 0.31 per cent to close at 77,339.01 points while Nifty plummeted 0.34 per cent to settle at 23,453.80.
