Mumbai, Oct 8 (PTI) Stock markets snapped the six-day losing run on Tuesday with benchmark Sensex climbing nearly 585 points on the back of value buying in blue-chips like HDFC Bank, Reliance Industries and Mahindra & Mahindra.
The 30-share BSE Sensex rose by 584.81 points or 0.72 per cent to close at 81,634.81. During the day, it surged 713.28 points or 0.88 per cent to hit an intraday high of 81,763.28.
The NSE Nifty rose 217.40 points or 0.88 per cent to 25,013.15. It jumped 248.25 points or 1 per cent to hit an high of 25,044.
From the Sensex pack, Adani Ports & Special Economic Zones, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the major gainers.
In contrast, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and Tata Consultancy Services were among the laggards.
"After sessions of corrections, India is getting some support at the level of 25,800 for Nifty50. Good state election result for the ruling party, contrary to the exit polls, has brought some optimism in the domestic market," Vinod Nair, Head of Research at Geojit Financial Services, said.
Market participants also kept a close eye on the RBI's monetary policy to be announced on Wednesday. The reconstituted rate-setting panel of the Reserve Bank of India (RBI) started deliberations on the next bi-monthly monetary policy on Monday.
In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have since reduced the interest rates
"RBI policy outcome, though no cut is expected, a plausible change in stance to neutral is anticipated. And investors are likely to focus on the upcoming Q2 results where earnings are likely to improve marginally on a QoQ basis," Nair added.
In the broader market, the BSE midcap gauge jumped 1.86 per cent and smallcap index soared 2.44 per cent.
Sector-wise, services surged by 3.25 per cent, while services jumped by 3.25 per cent, Capital Goods by 2.82 per cent, Industrials by 2.81 per cent, Power by 2.44 per cent, and Telcommunication by 2.35 per cent.
Metal is the only index which ended lower.
Market capitalisation of BSE-listed companies jumped by Rs 7.51 lakh crore to Rs 4,59,50,926.21 crore (USD 5.47 trillion).
"Investor sentiment was influenced by the vote count for assembly elections in Haryana and the Union Territory of Jammu and Kashmir, alongside ongoing concerns in the Middle East,” Ameya Ranadive Chartered Market Technician, CFTe, Senior Technical Analyst, StoxBox, said.
"Among sectors, the metal index was the only one in the red, pressured by profit booking amid expectations of disappointing Q2FY25 earnings due to weak metal prices and a lack of new fiscal measures to stimulate demand in China, as outlined by the National Development and Reform Commission (NDRC)," Ranadive added.
Ola Electric Mobility shares tanked around 6 per cent before staging a dramatic recovery at close amid the Central Consumer Protection Authority issuing a a show cause notice to the EV maker for alleged violation of misleading advertisement and unfair trade practices.
Ola Electric shares rebounded over 5 per cent to settle at Rs 95.46 apiece after the company clarified that the show cause notice would have no impact on its financial, operational or other activities.
Shares of Tata Group's retail firm Trent climbed over 8 per cent to hit its 52-week high of Rs 8,076.10 apiece on the BSE after the company announced the launch of its lab-grown diamonds jewellery line.
European markets were trading lower in mid-session deals. The US markets ended in negative territory on Monday.
In Asian markets, Tokyo, Hong Kong and Seoul settled lower, while Shanghai ended on a positive note.
Global oil benchmark Brent crude declined 1.84 per cent to USD 79.44 a barrel.
On Monday, the BSE Sensex tumbled 638.45 points to settle at 81,050. The NSE Nifty slumped 218.85 points to end at 24,795.75.