Sensex zooms over 1,700 points to reclaim 58,000-level; Nifty above 17,000

The BSE gauge Sensex zoomed past the 58,000-mark by rebounding over 1,700 points and the Nifty recaptured the 17,000-level on Tuesday after a massive plunge in the previous session.

The 30-share Sensex surged 1,736.21 points or 3.08% to end at 58,142.05 – recouping the losses suffered on Monday. Likewise, the NSE Nifty soared 509.65 points or 3.03% to settle at 17,352.45.

On the Sensex chart, all 30 shares closed with gains — with Bajaj Finance, SBI, Bajaj FinServ, L&T and Titan rising as much as 5.13 per cent.

“As the street went into trade today after yesterday’s biggest single-day fall in the last ten months, investors were left thinking whether the template has indeed changed. A confluence of headwinds is now weighing on the minds of investors even as we had a massive pull back rally today led by autos, banks, IT and FMCG,” said S Ranganathan, Head of Research at LKP Securities.

The narrative for the day, however, was the fact that investors used the correction to their advantage, thereby triggering short covering amid encouraging export data for the month of January, he added.

Elsewhere in Asia, bourses closed with losses on fears of a potential Russian invasion of Ukraine. The U.S. administration has warned Russia of severe consequences in case its forces attack Ukraine.

Global crude oil benchmark Brent Futures fell 2.44% to $94.13 per barrel on Tuesday.

Foreign institutional investors (FIIs) were net sellers in the capital market on Monday, as they offloaded shares worth $4,253.70 crore, according to stock exchange data.