Sensex, Nifty log first gain in 5 sessions; power, metal stocks gain

The market benchmarks, Sensex and Nifty50,  rebounded from the day's lowest levels to register their first gain after four sessions on Tuesday, helped by hectic buying mainly in power, metal and telecom stocks.

After plunging over 700 points in early trade, the 30-share Sensex recovered all losses to settle 198.44 points or 0.34 per cent higher at 58,664.33. Similarly, the Nifty50 rose 86.80 points or 0.50 per cent to 17,503.35.

PowerGrid was the top gainer in the Sensex pack, rising around 4 per cent, followed by NTPC, Tata Steel, Bharti Airtel, Sun Pharma and Bajaj Finserv.

On the other hand, IndusInd Bank, Asian Paints, Infosys, Bajaj Auto and Maruti fell up to 2.59 per cent.

Sectorally, BSE metal, po­wer, utilities, realty, basic ma­terials and telecom indices rose up to 3.48 per cent, while IT index ended in the red. Broader midcap and smallcap indices rose 1.81 per cent.

“Domestic equity market clawed its way out of the recent downslide boosted by metal, PSU bank and pharma stocks with mid and small caps outperforming the benchmark indices,” said Vinod Nair, Head of Research at Geojit Financial Services.