Sensex soars 582 points, investor wealth rises Rs 2.73 lakh crore

The BSE Sensex closed at 581.64 points up or 1.48% at 39,831.84 and the Broader NSE nifty at 163.20 points or 1.40 per cent at 11,790.35.

Mumbai:Equity benchmark Sensex shot up nearly 582 points on Tuesday on broad-based buying by participants buoyed by encouraging quarterly earnings and US-China trade deal optimism.

On the Sensex chart, Tata Motors emerged as a standout performer surging about 17 per cent after the company reported narrowing of losses in the September quarter.

Other major gainers were Tata Steel, Yes Bank, Axis Bank, Maruti Suzuki, Tech Mahindra and TCS -- rising as much as 7.09 per cent.

The 30-share Sensex soared over 666 points before settling 581.64 points, or 1.48 per cent, higher at 39,831.84. It hit an intra-day high of 39,917.01 and a low of 39,254.12.

The broader NSE Nifty rallied 159.70 points or 1.37 per cent to close at 11,786.85.

Investor wealth soared by Rs 2.73 lakh crore on Tuesday in a buoyant equity market where the BSE benchmark zoomed 581.64 points helped by encouraging quarterly results and US-China trade deal optimism.

"A strong momentum is seen in the market as healthy Q2 earnings from big corporate and attractive valuation for mid & small caps is providing a favourable risk-reward to investors.

Shares of Reliance Industries (RIL) also ended 2.30 per cent higher after the company on Friday said it will set up a new subsidiary to bring all its digital initiatives and apps under a single entity, and infuse Rs 1.08 lakh crore equity into this new unit.

On the other hand, Bharti Airtel, Kotak Bank, PowerGrid and SBI fell up to 3.41 per cent.

Besides strong earnings from bluechip companies, market is abuzz on optimism over US-China trade deal and the European Union extending Brexit deadline to 31 January, 2020, traders said.

Elsewhere in Asia, Shanghai, Hong Kong and Seoul ended on a negative note, while Tokyo closed in the green.

Europe was trading in the red in early deals.

Meanwhile, the Indian rupee appreciated marginally to 70.86 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, fell 0.97 per cent to USD 60.97 per barrel.