Sensex Surges 497 Pts; Gold Tanks Rs 172

Equity benchmark Sensex rebounded 497 points on Tuesday after a two-day selloff, tracking gains in index majors Reliance Industries, ICICI Bank and HDFC Bank amid a positive trend in other Asian markets.

The 30-share BSE index jumped 497 points or 0.89 per cent to end at 56,319.01. Similarly, the NSE Nifty advanced 156.65 points or 0.94 per cent to 16,770.85.

HCL Tech was the top gainer in the Sensex pack, rising around 4 per cent, followed by Wipro, Tata Steel, Titan, Tech Mahindra and Sun Pharma.

On the other hand, PowerGird, Axis Bank, Bajaj Finance and SBI were among the losers.

Indian benchmarks were positive tracking gains in other Asian markets, said Gaurav Garg, Head of Research, Capitalvia Global Research.

"Traders took encouragement as a Commerce Ministry official said Indian exports showed a turnaround after December last year and are still strong," he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains.

Stock exchanges in Europe were also trading on a positive note in mid-session deals.

Rupee Jumps 31 Paise To End At 75.59 Against US Dollar

The rupee surged by 31 paise to close at 75.59 (provisional) against the US dollar on Tuesday as positive domestic equities and a weak American currency in the overseas markets boosted investor sentiment.

At the interbank forex market, the domestic unit opened strong at 75.74 against the greenback and witnessed an intra-day high of 75.41 and a low of 75.74 during the day's trade. It finally ended at 75.59 a dollar.

In the previous session, the rupee had settled at 75.90 against the US dollar.

On the domestic equity market front, the BSE Sensex surged 497.00 points or 0.89 per cent to end at 56,319.01, while the broader NSE Nifty jumped 156.65 points or 0.94 per cent to 16,770.85.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.20 per cent to 96.35.

Brent crude futures, the global oil benchmark, surged 0.87 per cent to USD 72.14 per barrel.

Foreign institutional investors remained net sellers in the capital market on Monday, as they offloaded shares worth Rs 3,565.36 crore, according to exchange data.

Gold Tanks Rs 172; Silver Jumps Rs 342

Gold in the national capital on Tuesday dipped by Rs 172 to Rs 47,246 per 10 gram amid rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal settled at Rs 47,418 per 10 gram.

Silver in contrast jumped Rs 342 to Rs 60,508 per kg from Rs 60,166 per kg in the previous trade.

The rupee appreciated 17 paise to 75.73 against the US dollar in the opening session on Tuesday. It jumped 31 paise to close at 75.59 (provisional) against the US dollar.

In the international market, gold was trading with gains at USD 1,797 per ounce and silver was flat at USD 22.53 per ounce.

"Gold prices traded up with spot gold prices at COMEX trading 0.36 per cent up at USD 1,797 per ounce on Tuesday. Gold prices are still trading below USD 1,800 per ounce on lack of fresh triggers and FED hawkish stance," HDFC Securities, Senior Analyst (Commodities), Tapan Patel said.