Sensex, Nifty end four-day run of losses as IT stocks gain
India Today
NSE Nifty 50 index rose 0.95 per cent or 150.30 points to 16,013.45 at close and the S&P BSE Sensex climbed 1.10 per cent or 581.34 to 53,424.09.
The Sensex and Nifty snapped their four-day run of losses in volatile trading on Tuesday, led by gains in information technology stocks, with investors staying on the sidelines over concerns rising oil prices could push inflation higher.
The blue-chip NSE Nifty 50 index rose 0.95 per cent or 150.30 points to 16,013.45 at close and the S&P BSE Sensex climbed 1.10 per cent or 581.34 to 53,424.09.
The Nifty IT index rose to an over two-week high earlier in the day and settled 2.69 per cent higher.
"Domestic indices reversed their 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," said Vinod Nair, head of research at Geojit Financial Services.
The Indian rupee INR=IN fell to a record low of 76.97 against the dollar on Monday. It closed at 76.905 on Tuesday.
Nifty's volatility index, which indicates the degree of volatility traders expect over the next 30 days in the Nifty50 index, was down 2.53 per cent at 28.5875.
Oil prices surged past $126 a barrel on Tuesday, on fears sanctions against Russian oil could impact supply, with Moscow warning a ban would more than double the price to $300 a barrel.
