Sensex climbs 1,100 points, Nifty tops 24,350; investors add Rs 7 lakh crore; here’s why

Domestic stock indices recovered smartly on Tuesday morning after a two-day rout, in line with gains seen in other Asian markets, as investors judged the recent fall was unwarranted.

The BSE Sensex climbed nearly 1,100 points while Nifty reclaimed 24,350 level, with investor wealth as suggested by the BSE market capitalisation (m-cap) climbing over 7 lakh crore. Tata Motors Ltd, Larsen & Toubro, JSW Steel and Infosys Ltd led the Sensex gainers. Fear gauge India VIX, plummeted 14.85 per cent to 17.34.

The BSE Sensex climbed 1,092.68 points to hit a high of 79,852.08. It was later trading at 79,606.54, up 847.14 points or 1.08 per cent. Nifty hit a high of 24,382.60. It was later trading at 24,294.60, up 237.20 points or 0.99 per cent. The BSE m-cap added Rs 7.27 lakh crore to Rs 4,49,11,923 crore from 4,41,84,150 crore a day ago.

Earlier today Japan’s Nikkei 225 climbed over 11 per cent intraday. It was later trading at 34,090.20, up 2,631.78 points or 8.37 per cent. South Korea’s Kospi surged 81.30 points or 3.33 per cent to 2,522.85. As the day progressed, the mainland China’s Shanghai Composite added 0.56 per cent to 2,876.81 while Hong Kong’s Hang Seng advanced 0.88 per cent to 16,845.10.