Sensex rallies for 3rd session, closes 550 points higher

MUMBAI: The Indian equities market's benchmark Sensex closed 550 points higher on Tuesday, extending the gains to the third consecutive session, on the back of strong buying support in banking and energy stocks.

The 30 stock S&P BSE Sensex surged by 549.62 points or 0.94 per cent to 58,960.60 points against its previous day's close at 58,410.98 points.

The Sensex started the day in the positive at 58,744.13 points and surged to a high of 59,143.66 points in the intra-day.

This is the third consecutive day of rally in the Indian equities markets. The Sensex had gained 491.01 points or 0.85 per cent on Monday.

The broader Nifty 50 of the National Stock Exchange jumped 175.15 points or 1.01 per cent to close at 17,486.95 points against its previous day's close at 17,311.80 points.

The Nifty had gained 126.10 points or 0.73 per cent on Monday.

State Bank of India rose sharply for the second consecutive day. Share price of SBI soared 3.41 per cent to Rs 562.45. The scrip was the biggest gainer in percentage term for the second day in a row. SBI had gained 3.20 per cent on Monday.

ITC surged 2.39 per cent to Rs 340.25. Nestle India jumped 2.38 per cent to Rs 19385. Bharti Airtel rose 2.25 per cent to close at Rs 783.25.

The index heavyweight Reliance Industries Limited surged 1.68 per cent to Rs 2450.55. IndusInd Bank, L&T, Mahindra & Mahindra, HCL Technologies, ICICI Bank, UltraTech Cement, Wipro and Tata Steel were among the major Sensex gainers.

Only five of the 30 scrips that are part of the benchmark Sensex closed in the red. HDFC fell 0.72 per cent to Rs 2331.65. NTPC, Tech Mahindra, Sun Pharma and HDFC Bank were the other Sensex losers.