Sensex surges 1,564 points; broad-based rally at Indian equities

Mumbai: The Indian stock market's key indices, Sensex and Nifty, surged by around three per cent on Tuesday led by a broad-based rally amid mixed global cues.

The 30 stock S&P BSE Sensex surged 1564.45 points or 2.70 per cent to 59,537.07 points against its previous day's close at 57,972.62 points. The Sensex started the day sharply higher at 58,259.85 points. Buying interests intensified in the afternoon session. The Sensex surged to a high of 59,599.78 points in the intra-day.

The stock markets have rallied after a sharp drop on Monday. The Sensex had lost 861.25 points or 1.46 per cent on Monday after the US Federal Reserve signalled aggressive rate hikes. However, the markets have recouped Monday's losses.

The broader Nifty 50 of the National Stock Exchange surged 446.40 points or 2.58 per cent to 17,759.30 points. The Nifty surged to a high of 17,777.65 points in the intra-day.

The Nifty had lost 246 points or 1.4 per cent on Monday.

There was broad-based rally in the markets. All the stocks which are part of the benchmark Sensex and Nifty closed in the positive.

Financial and banking stocks led the rally. Bajaj Finserv surged 5.47 per cent to Rs 16966.70. Bajaj Finance soared 4.86 per cent to Rs 7303.80. IndusInd Bank soared 4.38 per cent to Rs 1106.95.

Tech Mahindra soared 3.96 per cent to Rs 1076.70. ICICI Bank jumped 3.72 per cent to Rs 887.60. Kotak Bank surged 3.46 per cent to Rs 1915.25.

Twelve of the 30 stocks that are part of the benchmark Sensex gained more than three per cent.

The index heavyweight Reliance Industries Limited jumped 1.63 per cent to Rs 2639.10. ITC soared 2.20 per cent to Rs 320.30.