Stock Market Update: Sensex, Nifty50 surge nearly 2% as LIC shares make debut on exchanges - Here's what's fuelling the rally

Surging for the second straight session, the Indian markets were trading positive amid neutral global cues. Both the benchmark indices – Sensex and Nifty50 – were trading higher by around 2 per cent, lifted by heavy buying in metal, bank and financial stocks on Tuesday. 

At around 12:10 PM, the BSE Sensex was up over 939 points or 1.77 per cent to the 53913-mark, while Nifty50 was up almost 289 points or 1.8 per cent to 16131 levels intraday. In line with frontline indices, broader markets – Nifty mid-cap 100 and small-cap 100 also surged by 1.1 and 1.4 per cent respectively. 

The metal index gained almost 4.5 per cent amid hopes of China’s demand revival and value buying. Metal heavyweights such as Hindalco, Tata Steel, and JSW Steel each surged up to 8 per cent intraday, while bank and financial stocks also contributed to the overall surge of the market on Tuesday.  

As many as 44 stocks advanced and 6 declined on Nifty50 at around 12:15 PM. Hindalco, Coal India, ONGC, JSW Steel, and Tata Steel were the top gainers. At least top 10 gainers on Nifty were trading between 3-8 per cent intraday. 

On the contrary, Cipla shares slipped by nearly 2 per cent in an otherwise positive market to become a top loser, followed by Tata Consumer down over 1.5 per cent. HDFC Life, Sun Pharma, M&M and Power Grid are other weak stocks in a positive market today. 

In the primary market, Life Insurance Corporation of India (LIC) shares made a debut at a nearly 9% discount on the BSE and NSE on Tuesday. They got listed at Rs 867 per share on the BSE and Rs 872 per share on the NSE, against the issue price of Rs 949 per share at the upper band. 

Minutes after listing, the stock made a high of Rs 920 per share, up over 6 per cent intraday on the BSE. It was trading over 2.5 per cent higher at Rs 890 per share at around 12:23 PM as compared to over a 1.76 per cent rise in the S&P BSE Sensex.