Sensex rallies 397 pts; Nifty ends above 15,800

Mumbai: Equity benchmark Sensex rallied over 397 points on Tuesday, tracking gains in index majors ICICI Bank, HDFC twins and Reliance Industries amid positive domestic as well as global cues.

The 30-share BSE index ended 397.04 points or 0.76 per cent higher at 52,769.73, and the broader NSE Nifty surged 119.75 points or 0.76 per cent to 15,812.35.

ICICI Bank was the top gainer in the Sensex pack, surging nearly 3 per cent, followed by HDFC, Axis Bank, Sun Pharma, NTPC and M&M.

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On the other hand, HCL Tech, Dr Reddy’s, Maruti and Tech Mahindra were among the laggards.

“Following favourable economic outcome and positive Asian markets, domestic bourses traded positive,” said Vinod Nair, Head of Research at Geojit Financial Services.

Though June CPI inflation continued to remain above RBI’s tolerance level, it eased to 6.26 per cent from 6.30 per cent in the previous month giving some relief to the market, he said, adding that industrial production (IIP) for May grew 29.3 per cent YoY essentially due to a lower base.

Asian shares sparked a rally after better-than-expected Chinese economic data and a bounce back in Chinese tech stocks, he noted.

Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo ended with gains. Stock exchanges in Europe were trading mixed in mid-session deals.

Meanwhile, international oil benchmark Brent crude advanced 0.56 per cent to USD 75.58 per barrel.

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