Sensex Logs Best 3-Month Close, Key Factors; Nifty Metal Outshines, Rallies 7%

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Sensex Logs Best 3-Month Close, Key Factors; Nifty Metal Outshines, Rallies 7%

By Malvika Gurung -- Indian benchmark equity indices rallied on Tuesday’s close, supported by a recovery in Asian markets and buying witnessed in industry heavyweights at home, despite the domestic wholesale inflation rising to a record high of 15.08% in April, the highway reading in at least nine years.

Headline gauges Nifty50 ended 2.63% higher and Sensex gained 1,344.63 points or 2.54%, logging its best day in three months, led by a rally in metal shares on China’s reopening plans, and domestic investors hoped that refund of LIC IPO would divert into equity markets.

Investor wealth on Dalal Street grew by over Rs 12 lakh crore on Tuesday, and the volatility barometer India VIX ended 7.28% lower in the session.

All the sectoral indices listed under the Nifty basket jumped on Tuesday, with Nifty Metal soaring nearly 7%, recording its best day in more than two years. Nifty IT and Nifty Auto also contributed to the market rally. Nifty Bank gained 2.1%.

All the stocks listed under Nifty and Sensex ended the session in green.

The domestic market largely followed the Asian markets, as tech stocks jumped in hopes of easing Covid-19 restrictions in China, also as no fresh cases have been reported for three consecutive days in Shanghai.

Further, analysts expect the US dollar and dollar yields to undergo a decent correction, around concerts related to the recession, bringing temporary relief to the Euro and Asian currencies.

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