Sensex zooms 917 points to close at 40,789; Nifty settles at 11,982

NEW DELHI: Equity indices on Tuesday erased Budget day losses as the markets surged for second consecutive day, amid positive global cues.

The benchmark BSE sensex surged 917.07 points or 2.3 per cent to settle at 40,789.38. While, the broader NSE Nifty zoomed 271.75 points or 2.32 per cent to close at 11,979.65.

Titan was the major gainer in the sensex pack — rising as much as 7.42 per cent, after the company posted a surge in its December-quarter profit. Bajaj Finance, ITC, Tata Steel, HDFC, Hero MotoCorp, M&M, Reliance and ICICI Bank were the other gainers, with their shares up as much as 4.07 per cent. 28 out of 30 shares finished in green.
Bajaj Auto and Hindustan Unilever were the only losers, with their shares down as much as 3.86 per cent.

On NSE, all sub-indices closed in green — led by Nifty Metal, Financial Service, Realty and Bank, rising as much as 3.32 per cent.

Analysts said efforts to contain the deadly coronavirus and a significant drop in global crude oil prices in recent days helped improve investor sentiment.

Oil prices hit 13-month lows on Tuesday amid hopes for new output curbs from Opec and its allies to offset any potential drop in demand triggered by the coronavirus outbreak.

Brent crude stood at $55.02 a barrel by 0930 GMT, up 57 cents, or nearly 1.1%, and US West Texas Intermediate (WTI) crude was up 95 cents, or 1.9%, at $51.06.

Meanwhile, on a net basis, foreign institutional investors (FIIs) sold equities worth Rs 1,200.27 crore, while domestic institutional investors purchased shares worth Rs 1,286.63 crore on Monday, data available with stock exchanges showed.