Frontline indices, the Sensex and the Nifty 50, ended with healthy gains for the second consecutive session on Tuesday, March 17, tracking positive global cues.
The Sensex rose 568 points, or 0.75%, to close at 76,070.84, while the Nifty 50 settled at 23,581.15, rising 172 points, or 0.74%.
Gains were broad-based, unlike Monday when the mid and small-cap indices ended lower. The BSE 150 Midcap index jumped 1.08%, while the BSE 250 Smallcap index climbed 0.43% on Tuesday.
Over two sessions, the Sensex has gained more than 1,500 points, or 2%, while the Nifty 50 has jumped 430 points, or nearly 2%.
Investors earned more than ₹3 lakh crore in just two sessions as the overall market capitalisation of BSE-listed firms rose to over ₹433 lakh crore from nearly ₹430 lakh crore on Friday.
What is driving the Indian stock market higher?
The rally in the Indian stock market over the last two sessions has been driven primarily by short covering after the recent drubbings.
On Tuesday, positive global cues seem to have triggered buying in the second half of the session, even as crude oil prices continue to trade above $100 per barrel and the Indian rupee remains near a record low.
According to PTI, provisional figures showed that the Indian rupee declined 10 paise to close at a record low of 92.38 against the US dollar on Tuesday.
The US-Iran war continues with strong intensity even as reports suggest that Washington and Tehran have reopened a communications channel in recent days. Meanwhile, media reports suggested that Israel has claimed that Iran’s security chief, Ali Larijani, has been killed in a strike.
(This is a developing story. Please check back for fresh updates.)
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
