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BW Businessworld

Sensex Gains 558 Points, RIL Surges 3%

The BSE Midcap and Smallcap added over a percent each on Tuesday.

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The bulls regained their momentum in the domestic equity markets as brisk buying was witnessed across the board which led the indices to close higher on Tuesday, April 27. The sentiment was backed by the decline in the Covid cases in the country's financial capital and sustained fund flow from domestic investors, said experts.

"The steady decline in Covid cases in Mumbai is a great relief and if this is an indication of the second wave curve flattening by, say, mid-May, the market might take cues from that," said VK Vijayakumar - Chief Investment Strategist at Geojit Financial Services.

Metal and Banking stocks led the BSE Sensex to close higher by 557.63 points at 48,944.14, and the Nifty-50 at 14653, up by 168 points. Shares of Hindalco and Tata Steel were the top gainers of the index at market closing as they gained over five and three per cent each in the day's trade and led the Metal index to surge more than two per cent.

Among the individuals, Reliance Industries surged nearly three per cent in the day's trade and reached its day's high of Rs 1,997.20. Earlier, the company with BP announced the commencement of production from the Satellite Cluster gas field in block KG D6, situated off India's eastern coast. The overall BSE Energy index was up nearly two per cent on Tuesday.

Jindal Steel & Power (JSPL) marked its new record high of Rs 455.95, rising three per cent in the day's trade after the company divested their 96.42 per cent as they accepted the order from Worldone.

In the broader markets, the BSE Midcap and Smallcap added over a per cent each on Tuesday. Future Retail and BHEL advances nearly five per cent each and contributed the most in the Midcap space, while Alkyl Amines and Balaji Amines surged 20 per cent each in the Smallcap index.

However, HDFC Life, Maruti Suzuki, Nestle, and Kotak Mahindra were among the top losers of the index at market closing. Shares of Kotak Mahindra declined heavily after RBI capped Uday Kotak's tenure as CEO of a bank can only be appointed for 15 years.

In the overall market breadth, 1915 closed with gains, 984 shares witnessed selling pressure, while 158 shares remained unchanged.

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