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Sensex jumps 514 points as metal, realty stocks surge; Nifty ends above 17,550 – Times of India

NEW DELHI: Equity indices surged on Tuesday with the benchmark BSE sensex rising over 500 points led by gains in realty, metal and IT stocks.
After a highly volatile session, the 30-share index jumped 514 points or 0.88 per cent to close at 59,005. While, the broader NSE Nifty settled 165 points or 0.95 per cent higher at 17,562.
Top gainers in the sensex pack included Bajaj Finance, IndusInd Bank, Tata Steel, ITC, Bajaj Finserv and Tech Mahindra with their shares rising as much as 5.07 per cent.
While Maruti, Bajaj Auto, Nestle India, HDFC Bank, PowerGrid and Axis Bank were the biggest losers falling up to 2.54 per cent.
On the NSE platform, sub-indices Nifty Realty, Metal, IT and Pharma gained as much as 3.57 per cent.
Investors are now awaiting cues on the US monetary policy from a Federal Reserve meeting starting later in the day.
The central bank is likely to lay the groundwork for an eventual tapering of its bond buying programme.
Real estate stocks climbed after two straight sessions of losses and were the best performing sector, with Godrej Properties advancing more than 5 per cent to lead the gains.
Signs of a rebound in sales for home builders and the easing of Covid-19 restrictions lifted sentiment in the sector, said Ajit Mishra, vice president of research at Religare Broking told news agency Reuters.
On the global front, equities witnessed heavy selling pressure on Monday as growing fears of China’s second largest real estate giant Evergrande’s possible default spooked markets. All three indices in the US recorded fall of around 2 per cent.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 92.54 crore on Monday, as per provisional exchange data.
(With inputs from agencies)