Indian equity benchmarks snapped their four-day losing streak on Tuesday paced by gains in metal, state-run banking, pharma and oil & gas shares. The benchmarks staged a gap down opening, however sharp recovery in the markets came on the back of short-covering as markets got into oversold zone in morning deals, analysts said. The Sensex recovered rose over 1,100 points from day’s lowest level and Nifty 50 index moved above 17,500 after hitting an intraday low of 17,216.
The Sensex ended 198 points higher at 58,664 and Nifty 50 index advanced 87 points to close at 17,503.
Reliance Industries, Bharti Airtel, Kotak Mahindra Bank, Larsen & Toubro, State Bank of India and HDFC were among the top movers in the Sensex.
“Our research suggests that the 58,200-58,500 levels may act as an important support for the Sensex. If Sensex is unable to sustain the level of 58,200-58,500, we can expect the selling pressure till 57,900,” said Gaurav Garg, head of research at Capitalvia Global Research.
Latent View Analytics made blockbuster stock market debut as the stock opened for trading at Rs 512 compared with its issue price of Rs 197, marking a gain of 160 per cent.