Sensex rallies over 660 points as bulls return

MUMBAI: Stock markets regained footing on Tuesday after the previous session's massive selloff, tracking renewed buying interest in financial, bank and auto counters amid firm global cues.

Participants also cheered the government's decision to fast-track approval for foreignproduced COVID-19 vaccines. Russia's Sputnik V vaccine has received emergency use authorisation in India, paving the way for the third coronavirus vaccine in the country.

However, the COVID-19 situation remains worrisome and will determine market trajectory in the near term, traders said.

Building on a positive start, the 30-share BSE Sensex gained momentum in late-afternoon trade to close 660.68 points or 1.38 per cent higher at 48,544.06.

On similar lines, the broader NSE Nifty surged 194 points or 1.36 per cent to finish at 14,504.80.

M&M was the top gainer in the Sensex pack, rallying 8.02 per cent, followed by Bajaj Finserv, Bajaj Finance, Maruti, IndusInd Bank, ICICI Bank, ONGC and Axis Bank.

On the other hand, TCS was the biggest laggard, slumping 4.21 per cent, a day after reporting its March quarter results.

The country's largest tech exporter on Monday reported a 14.9 per cent jump in consolidated net profit for the March quarter to Rs 9,246 crore, but posted a marginal increase in reported post-tax profit at Rs 32,430 crore for FY21.

Dr Reddy's, Tech Mahindra, HCL Tech, Infosys and Nestle India were among the other losers, shedding up to 4.18 per cent.

BSE auto, metal, finance, bankex, realty and telecom indices rallied as much as 4.30 per cent, while IT, teck and healthcare indices closed with losses.

Broader BSE midcap and smallcap indices spurted up to 1.46 per cent.

World stocks perched near all-time highs ahead of US inflation data, which would offer cues on the economic recovery taking hold.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended on a positive note, while Shanghai was in the red.

Stock exchanges in Europe were largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.90 per cent higher at USD 63.85 per barrel.

The forex market was closed on account of 'Gudi Padwa'.

Bourses will be shut on Wednesday for 'Babasaheb Ambedkar Jayanti'.