Sensex soars 1,345pts, Nifty tops 16,250; LIC ends 8% down at Rs 875 on BSE

CLOSING BELL

Stock market highlights: BSE Sensex and Nifty50 cclocked their biggest intra-day rally since February 15 on Tuesday as investors indulged in broad-based buying.

The sectoral gains, however, were led by metal stocks with Hindalco (up 10 per cent), Tata Steel and Coal India (7.6 per cent each), and JSW Steel (6 per cent) stealing the show. The Nifty Metal index, thus, closed nearly 7 per cent higher as China -- the biggest consumer of industrial products -- eased Covid-19 related restrictions. 

All other indices, meanwhile ended over 2 per cent higher. 

Overall, the 30-pack BSE benchmark surged 1,345 points, or 2.54 per cent, to settle at 54,318, while the broader Nifty50 gained 417 points, or 2.6 per cent, to end at 16,259.

In the broader market, the BSE MidCap and Smallcap indcies rose in tandem and added 2.5 per cent and 2.8 per cent, respectively.

LIC listing

Shares of Life Insurance Corporation of India (LIC) listed at Rs 867.20 on the BSE, a 8.6 per cent discount when compared with its issue price of Rs 949 per share offered to qualified institutions and non-institutional buyers. On the National Stock Exchange (NSE), the stock opened at Rs 872, i.e. 8 per cent lower against its issue price. By close, the stock stood at Rs 875.45 on the BSE.