Sensex surges 479 points; finance, metal stocks soar

MUMBAI: The Indian stock markets' key indices rallied for the second consecutive day on Tuesday with benchmark Sensex and Nifty gaining around one per cent led by good buying support in financial, metal and energy stocks.

The 30 stock S&P BSE Sensex was trading 478.86 points or 0.90 per cent higher at 53,713.63 points at 1.30 pm against its previous day's close at 53,234.77 points.

Earlier, the Sensex opened in the positive at 53,501.21 points and soared to a high of 53,865.93 points. This is the second consecutive day of the rally in the Indian stock markets.

The Sensex had gained 326.84 points or 0.62 per cent on Monday. The broader Nifty 50 of the National Stock Exchange jumped 140.45 points or 0.89 per cent to 15,975.80 points.

The Nifty started the day in the positive at 15,909.15 points and surged to a high of 16,025.75 points. The Nifty had gained 83.30 points or 0.53 per cent on Monday.

There was strong buying support in banking and financial stocks. Bajaj Finserv soared 2.80 per cent to Rs 11700. Bajaj Finance jumped 2.10 per cent to Rs 5748.25. ICICI Bank climbed 1.30 per cent to Rs 729.20. Kotak Bank rose 1.10 per cent to Rs 1689.45. HDFC Bank climbed 1 per cent to Rs 1369.

Tata Steel jumped 1.75 per cent to Rs 869.50. Metal stocks rallied after Fitch Ratings said improved economic activities would support demands for steel and cement. The index heavyweight Reliance Industries Limited soared 1.24 per cent to Rs 2444.

Power Grid Corporation, Sun Pharma, Hindustan Unilever, Dr Reddy's Laboratories, Bharti Airtel, Nestle India and Tech Mahindra were among the major Sensex gainers.

Only four of the 30 stocks that are part of the Sensex were trading in the red. ITC fell 1.54 per cent to Rs 287.30. Wipro, Maruti Suzuki, and Mahindra & Mahindra were also trading in the red.