Sensex spurts 447 points to reclaim 50,000-level; auto, IT stocks shine

ONGC, HDFC, Dr Reddy’s, PowerGrid and SBI suffered losses.

The BSE Sensex zoomed 447 points to settle above the psychological 50,000-mark on Tuesday, buoyed by hectic buying in auto, banking and IT counters amid positive domestic and global cues.

The 30-share index swung nearly 633 points during the session, before ending at 50,296.89, showing a rise of 447.05 points or 0.90 %.

Likewise, the NSE Nifty climbed 157.55 points or 1.07 % to settle at 14,919.10.

On the Sensex chart, M&M, NTPC, Bajaj Auto, Tech Mahindra, TCS and Maruti emerged as top gainers.

On the other hand, ONGC, HDFC, Dr Reddy’s, PowerGrid and SBI suffered losses.

Of the Sensex constituents, 25 shares ended with gains.

Analysts said investor sentiment remained upbeat due to encouraging GDP numbers for the third quarter as well as returning of calmness in global bond markets after the last week’s turmoil.

Elsewhere in Asia, bourses closed with significant gains for the second straight session after halt in sell-offs in global bond markets calmed investor sentiments.

Meanwhile, Brent Futures rose 0.71 % to trade at 63.76 per barrel.

On the forex market front, the rupee surged by 18 paise to close at 73.37 against the US dollar on Tuesday.

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