Mumbai (Maharashtra): The Indian stock market’s benchmark Sensex surged by 379 points on Tuesday led by strong buying support in auto, energy, infra, and banking stocks amid positive global cues.
The 30 stock S&P BSE Sensex soared 379.43 points or 0.64 per cent to close at 59,842.21 points against its previous session’s close at 59,462.78 points.
The Sensex started the day in the positive at 59,675.12 points and soared to a high of 59,923.03 points in the intra-day. The Sensex hit a low of 59,673.96 points in the intra-day.
The broader Nifty 50 of the National Stock Exchange surged 127.10 points or 0.72 per cent to 17,825.25 points.
The Nifty started the day in the positive at 17,797.20 points and surged to a high of 17,839.10 points in the intra-day.
Auto stocks led the rally in the markets.
Mahindra & Mahindra surged to an all-time high after it announced a deal with Volkswagen to accelerate the electrification of the Indian auto market.
As part of the deal, Volkswagen AG has agreed to supply electric components to Mahindra’s new electric platform INGLO.
The deal was announced on Monday, the day on which the stock markets were closed due to Independence Day.
The share price of Mahindra & Mahindra closed at a record high of Rs 1288.40, which is 2.28 per cent higher when compared with its previous session’s close. The scrip hit a high of Rs 1298.80 in the intra-day.
Maruti Suzuki soared 2.19 per cent to Rs 8890.05. Asian Paints surged 2.09 per cent to Rs 3497.55. Hindustan Unilever rose 1.90 per cent to Rs 2644.55.
Reliance Industries Limited witnessed strong buying support in the last hour of the trade. The index heavyweight closed 0.68 per cent higher at Rs 2650.55.
HDFC Bank, HDFC, Tech Mahindra, Bajaj Finserv, Titan, Dr Reddy’s Laboratories, ITC and Axis Bank were among the major Sensex gainers.
Only five of the 30 stocks that are part of the benchmark Sensex closed in the red.
State Bank of India (SBI), the country’s largest lender, slipped 0.90 per cent to Rs 525.90. Bharti Airtel, Bajaj Finance, TCS and NTPC also closed in the red.