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Markets after opening on a positive note extended the gains in the first half on Tuesday. The rally was led by metal stocks.
The BSE Sensex, after hitting a day’s high of 49,917.80, was ruling (at 1 pm) at 49,767.97, up 759.47 or 1.55 per cent. It had opened at an intraday low of 49,331.68.
Nifty 50 was nearing the day’s high of 14,783.00, at 14,746.30, up 239.00 or 1.65 per cent. After opening at 14,628.50, it had briefly hit an intraday low of 14,617.60.
UPL, JSW Steel, Tata Steel, Shree Cements and Hindustan Unilever were among the top gainers on the Nifty 50.
Tata group maintains rally
The shares of Tata Group have rallied since Friday with the Supreme Court’s verdict on the Tata-Mistry case dispelling all uncertainty around the business.
Furthermore, Tata Sons, the part-owner of Tata Steel, has increased its stake in the company to 33 per cent from 30 per cent with the conversion of partly paid equity shares into fully-paid and acquisition of shares from the open market, as per previous reports.
Tata Steel was up 3.86 per cent to ₹796.45.
JSW steel jumps on Bhushan power
JSW steel also hit a 52-week high on completing the acquisition of Bhushan Power and Steel (BPSL).
JSW Steel, through its wholly-owned subsidiary Piombino Steel, has paid ₹19,350 crore to acquire 2.5 mtpa production capacity of BPSL at Jharsuguda in Odisha and downstream facilities in Kolkata and Chandigarh.
Sajjan Jindal-led JSW Steel is also eyeing its next big catch by submitting an Expression of Interest (EoI) for MMTC-promoted Neelachal Ispat Nigam (NINL).
Also read: JSW Steel now eyes Neelachal Ispat Nigam
The shares of JSWL Steel were up 4.66 per cent at 1 pm. It hit a 52-week high of ₹468 on the NSE.
Auto and financial stocks lagged behind with Mahindra & Mahindra, Tata Motors, SBI Life and Bajaj Finance were among the laggards.
Sectoral and broader indices in the green
Among the sectoral indices, all indices except Nifty Media, Nifty PSU Bank and Nifty Realty were in the green. Nifty Realty recorded the highest losses and was down 1.58 per cent.
Meanwhile, Nifty Metal recorded the highest gains and was up 2.59 per cent. Nifty Pharma also rallied behind metal stocks and was up 1.93 per cent.
All broader indices were in the green.
The Nifty Midcap 50 was 0.47 per cent while the Nifty Smallcap 50 was up 0.52 per cent. The S&P BSE Midcap was up 0.51 per cent while the S&P BSE Smallcap was up 0.61 per cent.
With markets rallying further, the volatility index was down 1.59 per cent to 20.32.
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