Sensex rises to 1,345 points, Nifty exceeds 16,250; LIC ends 8% lower at Rs 875 on BSE

CLOSING BELL

Stock Market Highlights: BSE Sensex and Nifty50 posted their biggest intraday rally since Feb. 15 on Tuesday as investors engaged in large-scale buying.

Sector gains, however, were led by metals stocks with Hindalco (up 10%), Tata Steel and Coal India (7.6% each) and JSW Steel (6%) stealing the show. The Nifty Metal index thus closed up almost 7% as China – the biggest consumer of industrial products – eased restrictions linked to Covid-19.

Overall, BSE’s benchmark 30-pack jumped 1,345 points, or 2.54%, to 54,318, while the broader Nifty50 gained 417 points, or 2.6%, to end at 16,259.

In the broader market, the BSE MidCap and Smallcap indices rose in tandem and gained 2.5% and 2.8% respectively.

Shares of Life Insurance Company of India (LIC) listed at Rs 867.20 on the BSE, an 8.6% discount from its issue price of Rs 949 per share offered to qualified institutions and non-institutional buyers. On the National Stock Exchange (NSE), the action opened at Rs 872, 8% below its issue price. Up close, the stock stood at Rs 875.45 on BSE.

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