Equities rallied for the fourth straight session on Tuesday with Sensex jumping 455 points and Nifty closing above the key 18000 mark for the first time since April as foreign institutional investors remained bullish on the domestic market.
The Sensex surged 455.95 points, or 0.76 per cent, to close at a five-month high of 60571.08 points and 24 constituents of the 30-share index ended in the green. In a reflection of strong investor sentiments, the broader Nifty climbed 133.70 points or 0.75 per cent to settle at 18070.05 points. Previously, the Nifty had closed above the 18000-mark on April 4 this year.
In four consecutive sessions, Sensex has gained over 1,540 points or 2.59 per cent while the Nifty has risen by 445 points or 2.9 per cent. Analysts said the market rally was primarily driven by foreign institutional investors who have turned into net buyers of domestic equities.
Rupee rises
The rupee appreciated by 36 paise to close at an over onemonth high of 79.17 against the dollar on Tuesday, tracking the dollar’s decline versus its major peers and foreign fund inflows. The local unit opened at 79.30. It witnessed an intra-day high of 79.03 and a low of 79.33. It finally ended at 79.17, the highest closing level since August 3.
HDFC Life
Shares of HDFC Life Insurance Company settled for the day with gains of over 1 per cent after the UK-based investment company Abrdn said it is planning to sell 4.3 crore shares in the private sector insurer through block deal. On the BSE, the HDFC Life stock opened at Rs 601, and touched an intra-day high of Rs 606 and a low of Rs 585.35. The stock finally settled at Rs 586.90, up 1.21 per cent from its previous closing price.