Sensex gains 582 points, Nifty settles at 11,787; Tata Motors top gainer at 16%
Market benchmark Sensex on Tuesday gained almost 582 points to close at 39,831.84 while the broader NSE Nifty settled at 11,786.85 after surging 159.70 points.
The 30-share Sensex rose over 666 points before settling at 581.64, or 1.48% higher at 39,831.84. It hit an intra-day high of 39,917.01 and a low of 39,254.12.
NSE Nifty, on the other hand, rallied 159.70 points or 1.37% to close at 11,786.85.
On the Sensex chart, Tata Motors emerged as the top performer rising as much as 16.63% after its British arm Jaguar Land Rover returned to profitability. Other gainers include Tata Steel, Yes Bank, Axis Bank, Maruti, Tech Mahindra, and TCS.
Shares of Reliance Industries (RIL) also rose 2.30% after the company on Friday announced that it will set up a new subsidiary to bring all its digital initiatives and apps under a single unit and infuse Rs 1.08 lakh crore equity into this new entity.
The sentiment was boosted after some reports, citing sources, said that the government is planning a series of tax alignments for equities in the coming weeks in a bid to further boost investor sentiment. Besides, the market is abuzz on optimism over the US-China trade deal and the European Union extending Brexit deadline to January 31, 2020, traders said.
On the other hand, Bharti Airtel, Kotak Bank, PowerGrid and SBI fell up to as low as 3.41%. Bharti Airtel's share prices fell to Rs 360 after the company deferred earnings announcement till November 14, "on account of the fact that more clarity is needed on the AGR (adjusted gross revenue) matter arising out of recent judgment of Supreme Court."
Of the 30-share Sensex pack, 26 ended in green and the rest four in red.
Meanwhile, the rupee today rose to a one-month high of 70.68 against the US dollar.