Sensex zooms 1,128 points, IT and metals join bull bandwagon

Equity benchmark indices were on upswing through the trading session on Tuesday and closed nearly 2.5 per cent higher with IT, metals, pharma and FMCG stocks witnessing substantial gains.

The BSE S&P Sensex closed 1,128 points or 2.3 per cent higher at 50,137 while the Nifty 50 edged higher by 338 points or 2.33 per cent to 14,845.

Except for Nifty realty which dipped marginally, all other sectoral indices at the National Stock Exchange were in the green with Nifty IT up by 2.9 per cent, metal by 2.8 per cent, pharma by 2.7 per cent and FMCG by 2.2 per cent.

Among stocks, JSW Steel gained by 4.9 per cent to Rs 467.35 per share while Tata Steel was up by 4.2 per cent to Rs 799.50.

Wipro edged higher by 3.9 per cent, HCL Technologies by 3.8 per cent and Infosys by 3.7 per cent while agro-chemicals major ticked up by 7.6 per cent to close at Rs 629.85 per share.

The others which gained were HDFC Bank and NTPC. However, Hindalco, Axis Bank, Mahindra & Mahindra and Bharti Airtel traded with a negative bias.

Meanwhile, Asian shares were mixed as global investors shook off worries about a hedge fund default that roiled global banking stocks overnight.

Wall Street pared earlier losses driven by the banking sector on fears that issues with a defaulting hedge fund could spread throughout the banking sector.

Japan's Nikkei was up by 0.16 per cent while Hong Kong's Hang Seng Index gained by 0.84 per cent. South Korea added 1.12 per cent.

( With inputs from ANI )