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- Stock Market LIVE Updates: Investors gain over Rs 12 lakh crore as sensex zooms 1,345 points; Nifty ends at 16,259
Stock Market LIVE Updates: Investors gain over Rs 12 lakh crore as sensex zooms 1,345 points; Nifty ends at 16,259
Benchmark equity indices sensex and Nifty on Tuesday spurted by over 2.5 per cent to log their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks. The sensex zoomed 1,345 points or 2.54 per cent to settle at 54,318 points with all of its constituents closing with gains. Stay with TOI for all latest updates.Read Less
LIC with m-cap of Rs 5.54 lakh crore is 5th most valued Indian company
he country's largest insurer LIC is the fifth most valuable company in the country with a market capitalisation of about Rs 5.54 lakh crore.
Investors richer by over Rs 12 lakh crore as markets record sharp gains
Equity investors became richer by over Rs 12 lakh crore on Tuesday, helped by a smart rally in the broader market. Tracking the sharp rally in equities, the market capitalisation of BSE-listed firms jumped Rs 12,05,523.65 crore to Rs 2,55,55,447.68 crore.
LIC shares tumble in market debut after record IPO
Shares in Life Insurance Corp of India (LIC) slid nearly 8% in its market debut on Tuesday, a fresh setback for the state-owned giant as its record-breaking, oversubscribed IPO raised far less than expected for the government.
The rupee depreciated on Tuesday on a surge in crude oil prices and disappointing macroeconomic data. However, soft tone in the US Dollar and risk-on sentiments in global markets have cushioned the downside.
Praveen Singh, AVP- fundamental currencies and commodities analyst, Sharekhan by BNP Paribas told PTI news agency
Rupee recovers from record lows to end 7 paise higher at 77.47 against dollar
The rupee on Tuesday recovered from its all-time intra day low of 77.79 to close higher by 7 paise on a stellar rally in domestic stock markets. After opening lower at 77.67, the local unit plunged further to its all-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data.
On a day when WPI for April crossed 15%, over 2.5% rise in benchmark indices coupled with the breadth of the rally surprised many on the street despite the move coming after a relentless fall, Ranganathan added.
A ferocious up-move from the metal index lifted Reliance together with other sectoral indices leaving bears gasping and covering short positions and looking out for reasons for the rally.
S Ranganathan, head of research at LKP securities told PTI news agency
Metal index jumped over 6%
Metal stocks jumped after Moody's Investors Service projected India's steel exports to remain strong in the coming months as higher prices and regional demand would drive the steel companies to divert part of their output to exports.
Tata Steel, Reliance Industries, ITC, Larsen & Toubro, Wipro, ICICI Bank, HCL Technologies and Maruti were the major gainers among sensex stocks.
Both sensex and Nifty logged their best single-day gain since February 15.
All sectoral indices ended higher
All sectors end in the green
Hindalco Industries, Tata Steel, Coal India, JSW Steel and ONGC were the top gainers on the Nifty.
LIC ends trading day at Rs 872/share on the BSE, down 8% from issue price
Markets close: Sensex zooms 1,345 points led by gains across sectors; Nifty settles at 16,259
Equity indices extended gains to second session on Tuesday with the benchmark BSE sensex rising over 1,300 points led by gains across all sectors. The 30-share BSE index jumped 1,344 points or 2.54 per cent to close at 54,318. While, the broader NSE Nifty settled 417 points or 2.63 per cent higher at 16,259.
Supertech twin tower demolition: SC extends deadline from May 22 to August 28
The Supreme Court on Tuesday extended deadline for demolition of Supertech's twin towers in Noida till August 28. Supertech twin tower demolition agency, Edifice Engineering, tells SC that it would require three months deferment of May 22 demolition deadline as the test blast revealed sructure is stronger than anticipated.
Rupee off record lows on RBI intervention; bond yields rise
The rupee gradually recovered after touching a record low on Tuesday, after the central bank intervened while bond yields edged higher tracking the uptick in global crude oil prices.
Broad market indices: Nifty50 gains 2%
Sensex gains nearly 1,200 points. Tata Steel surges 7%
Weak LIC listing due to unpredictable market conditions: DIPAM Secretary
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Tuesday said the weak debut of the country's largest insurer LIC on the bourses was due to unpredictable market conditions and suggested investors to hold on to the stock for long-term value. "Nobody can predict the market. We have been saying that it should not be held for a particular day but for more than a day," Pandey told reporters after the listing of shares.
LIC focus
LIC's chairman M.R. Kumar said the company will focus on higher margin policies as well as improving its digital offerings and its bank partnership distribution network to arrest the fall in market share, adding that he expects market share to stabilise around current levels.
