Sensex Surges 370 Points: Bank, Finance Stocks Drive Rally

Mumbai, Aug 20 (PTI) Stock market benchmark indices Sensex and Nifty soared on Tuesday, propelled by robust buying in banking, financial and auto stocks amid a largely firm trend in global equities.

The 30-share BSE Sensex rebounded 378.18 points or 0.47 per cent to settle at 80,802.86. During the day, the benchmark soared 518.28 points or 0.64 per cent to 80,942.96.

Rising for the fourth consecutive day, the NSE Nifty surged 126.20 points or 0.51 per cent to 24,698.85.

Among the 30 Sensex firms, Bajaj Finserv, IndusInd Bank, Tech Mahindra, Bajaj Finance, Kotak Mahindra Bank, Axis Bank, NTPC, and Sun Pharma were the major gainers.

On the other hand, Bharti Airtel, ITC, Adani Ports, JSW Steel and Tata Motors were among the laggards.

In Asian markets, Seoul and Tokyo settled higher, while Shanghai and Hong Kong ended lower.

European markets were trading with gains. The US markets ended in positive territory on Monday.

"Much of the strength and rally at Dalal Street is in the backdrop of steady SIP flows by retail investors. Global factors will be keenly watched as local investors would be eyeing the July FOMC (Federal Open Market Committee) meeting minutes to be released on Wednesday," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,667.46 crore on Monday, according to exchange data.

However, Domestic Institutional Investors (DIIs) bought equities worth Rs 1,802.92 crore.

Global oil benchmark Brent crude dipped 0.72 per cent to USD 77.10 a barrel.

In a range-bound trade, the BSE benchmark on Monday slipped 12.16 points or 0.02 per cent to settle at 80,424.68. The NSE Nifty edged up 31.50 points or 0.13 per cent to 24,572.65 in a volatile trade.