Metal stocks push up Sensex by 579 points

Equity benchmark indices rose 1.2 per cent on Tuesday with across-the-board buying and metal stocks witnessed healthy gains.

The BSE S&P Sensex closed 558 points or 1.15 per cent higher at 48,944 while the Nifty 50 ticked up by 168 points or 1.16 per cent to 14,653.

All sectoral indices at the National Stock Exchange were in the green zone with Nifty metal surging by 2.8 per cent, PSU bank by 2.4 per cent, private bank by 1.4 per cent and financial service by 0.9 per cent.

Among stocks, Hindalco moved up by 5 per cent to Rs 366 per share while Tata Steel rose by 4.36 per cent. Index heavyweight Reliance Industries lifted by 2.6 per cent to Rs 1,988.80 per share.

Larsen & Toubro rose by 3.6 per cent, Bajaj Finance by 3.1 per cent, State Bank of India by 2.8 per cent, IndusInd Bank by 2.7 per cent, Ad Ports by 2.4 per cent and Tata Motors by 2.2 per cent.

However, Maruti Suzuki slipped by 1.3 per cent to close at Rs 6,552 per share after reporting 11 per cent fall in its Q4 net profit at Rs 1,166 crore despite 32 per cent jump in revenue from operations.

The others which lost were HDFC Life, SBI Life, Kotak Mahindra Bank, Nestle India and Dr Reddy's.

Meanwhile, Asian shares fell as caution ahead of a US Federal Reserve meeting and a slew of corporate earnings offset growing optimism about the global economic recovery from Covid-19 blow.

Stocks in Tokyo edged 0.46 per cent lower as earnings fall short of investor expectations. South Korea's Kospi fell by 0.07 per cent on foreign outflows.

Analysts said some investors may be taking profits on equities but sentiment remains positive due to rising coronavirus vaccination rates in many countries.

( With inputs from ANI )