Sensex rallies 558 points amid heavy buying in auto, metal and IT stocks

Equity benchmark indices extended early gains on Tuesday amid heavy buying in auto, metal and IT shares during the afternoon trading.

Equity benchmark indices extended early gains on Tuesday amid heavy buying in auto, metal and IT shares during the afternoon trading. The BSE S&P Sensex closed 558 points or 1.47 per cent higher at 38,493 while the Nifty 50 gained 169 points or 1.52 per cent at 11,301.

All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 3.2 per cent, IT by 2.3 per cent and metal by 2.2 per cent. Among stocks, UltraTech Cement surged by 7 per cent to Rs 4,131.10 per share after the company's June quarter earnings beat market estimates. It posted 36 per cent fall in Q1 net profit at Rs 806 crore but said cost controls resulted in a net debt reduction of Rs 2,209 crore.

Tata Consultancy Services ticked up by 4.7 per cent while Hindalco gained by 3.8 per cent to close at Rs 164.20 per share. Private sector lenders Kotak Mahindra Bank and IndusInd Bank were up by 4.7 per cent and 4.1 per cent respectively. Tata Motors accelerated by 4.4 per cent to Rs 106.20 per share while Mahindra & Mahindra gained by 4.4 per cent and Hero MotoCorp by 3.7 per cent.

However, Bharti Infratel declined by 1.6 per cent after reporting 21 per cent drop in its consolidated net profit to Rs 704 crore for Q1 FY21. ICICI Bank, Nestle India, Asian Paints and ITC too traded with a negative bias. Meanwhile, Asian indices traded in the green following bullish cues from Wall Street overnight.

China's Shanghai Composite gained by 0.71 per cent and South Korea's Kospi by 1.76 per cent and Hong Kong's Hang Seng by 0.69 per cent. But Japan's Nikkei fell by 0.26 per cent. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)