Sensex rises 488 pts in relief rally; Nifty Realty up 6%; Tata Motors 13%

Dalal Street clocked a relief rally on Thursday as cooled off energy prices ebbed fears of a stagflation in the global economy. Oil prices also dropped back from multi-year highs hit a day earlier, while US benchmark Treasury yields and major currencies steadied amid the calmer mood.

Overall, the benchmark S&P BSE Sensex closed the session 488 points, or 0.8 per cent, higher at 59,678 levels while the Nifty50 zoomed 144 points, or 0.8 per cent, to end tad below 17,800-mark at 17,790.

Tata Motors (up 12.6 per cent) and Titan (up 11 per cent) were the top gainers on the Nifty today, followed by M&M, Maruti Suzuki, Eicher Motors, IndusInd Bank, and Sun Pharma. On the downside, ONGC (down 4.5 per cent), Dr Reddy's Labs, Britannia, and Coal India declined on profit booking.

In the broader market, the BSE MidCap and SmallCap indices added 1.7 per cent and 1.4 per cent, respectively. The volatility index, India VIX, meanwhile fell nearly 7 per cent.