Stock markets regained footing on Tuesday after the previous session’s massive selloff, tracking renewed buying interest in financial, bank and auto counters amid firm global cues.
Participants also cheered the government’s decision to fast-track approval for foreign-produced Covid-19 vaccines. Russia’s Sputnik V vaccine has received emergency use authorisation in India, paving the way for the third coronavirus vaccine in the country.
However, the Covid-19 situation remains worrisome and will determine market trajectory in the near term, traders said.
Building on a positive start, the 30-share BSE Sensex gained momentum in late-afternoon trade to close 660.68 points or 1.38 per cent higher at 48,544.06.
On similar lines, the broader NSE Nifty surged 194 points or 1.36 per cent to finish at 14,504.80. M&M was the top gainer in the Sensex pack, rallying 8.02 per cent, followed by Bajaj Finserv, Bajaj Finance, Maruti, IndusInd Bank, ICICI Bank, ONGC and Axis Bank.
On the other hand, TCS was the biggest laggard, slumping 4.21 per cent, a day after reporting its March quarter results.