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The Indian markets on Tuesday posted their biggest single-day gain in nearly two months as global investor sentiment improved on faster vaccine rollout in the US and optimism around American President Joe Biden’s major infrastructure package.
Market players said JSW Steel’s completion of the resolution plan for Bhushan Steel and Power, which included payment of Rs 19,350 crore to banks, helped boost sentiment. They also attributed the sharp up-move to technical factors, such as the rebalancing of Nifty indices taking effect. Analysts said many blue-chip stocks had entered “oversold” territory last week, having come off sharply from their February highs.
The benchmark
