IT, Realty, PSU Bank power stock market to close nearly 1% higher; Nifty above 16,000, Sensex adds around 600 points

Powered by IT, Realty, Pharma and PSU Bank, the Indian markets made a sharp bounce back in the closing hours to end nearly 1 per cent higher on Tuesday. The Nifty50 closed above 16,000 and the Sensex surged by nearly 600 points, to end in the green after declining for four consecutive sessions. Benchmarks Nifty and the Sensex settled at 16,013.45 and  53,424.09 respectively.   

"Domestic indices reversed its trend and traded with gains led by export-oriented sectors like Pharma and IT which witnessed buying interest as the rupee fell to its record lows. Favorable exit poll results of state election and low-level buying seen in mid and small caps also helped in adding optimism in the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services. 

Major western markets were also trading in the green while other Asian peers continued to trade in negative territory on fear of the impact of global inflationary pressure due to the ban on Russia’s oil export, added Nair.

Nifty mid cap and small cap indices too swung more than 1 per cent to end with gains in highly charged market on Tuesday.  

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The 12-share banking index, Nifty Bank, too added more than 250 points to close above 33,100-mark.  

Among sectors, Nifty Realty, IT, PSU Bank, Pharma and health care gained between 2 to 3.5% as Metals and oil & gas declined.  

IOC, Tata Consumers, Sun Pharma, TCS, Wipro, NTPC, Dr Reddy's, Tech Mahindra, Ultratech Cement, Infosys and HCL Tech gained the most. Oil & gas and metal stocks declined the most on Tuesday as Hindalco, ONGC, Tata Steel, JSW Steel were among top losers on Tuesday