MUMBAI: The Indian stock market’s benchmark Sensex surged by 379 points on Tuesday, led by strong buying support in auto, energy, infra, and banking stocks amid positive global cues.
The 30 stock S&P BSE Sensex soared 379.43 points to close at 59,842.21 points against its previous session’s close at 59,462.78 points. The Sensex started the day in the positive at 59,675.12 points and soared to a high of 59,923.03 points and hit a low of 59,673.96 points in the intra-day.
The broader Nifty 50 of the National Stock Exchange surged 127.10 points to 17,825.25 points. The index started the day in the positive at 17,797.20 points and surged to a high of 17,839.10 points in the intra-day.
Auto stocks led the rally in the markets. Mahindra & Mahindra surged to an all-time high after it announced a deal with Volkswagen to accelerate the electrification of the Indian auto market. As part of the deal, Volkswagen AG has agreed to supply electric components to Mahindra’s new electric platform INGLO. The deal was announced on Monday, when the stock markets were closed due to Independence Day.
The share price of Mahindra & Mahindra closed at a record high of Rs 1,288.40, which is 2.28 per cent higher compared with its previous session’s close. The scrip hit a high of Rs 1,298.80 in the intra-day.
Maruti Suzuki soared 2.19 per cent to Rs 8,890.05, Asian Paints surged 2.09 per cent to Rs 3,497.55 while Hindustan Unilever rose 1.90 per cent to Rs 2,644.55.
Reliance Industries Limited witnessed strong buying support in the last hour of the trade. The index heavyweight closed 0.68 per cent higher at Rs 2,650.55. HDFC Bank, HDFC, Tech Mahindra, Bajaj Finserv, Titan, Dr Reddy’s Laboratories, ITC and Axis Bank were among the major Sensex gainers.
Only five of the 30 stocks that are part of the benchmark Sensex closed in the red. State Bank of India (SBI), the country’s largest lender, slipped 0.90 per cent to Rs 525.90. Bharti Airtel, Bajaj Finance, TCS and NTPC also closed in the red. (ANI)