Sensex zooms 1,131 points amid bullish trend, reclaims 75,000-level

The 30-share BSE Sensex settled at 75,301.26 while the NSE Nifty surged 325.55 points or 1.45 per cent to 22,834.30 on March 18

Mumbai: The BSE benchmark index Sensex jumped 1,131 points to revisit the 75,000 level on Tuesday and the NSE Nifty surged 1.45 per cent powered by widespread buying amid a bullish trend in global equities.

Extending its previous day’s rally, the 30-share BSE Sensex jumped 1,131.31 points or 1.53 per cent to settle at 75,301.26. During the day, it soared 1,215.81 points or 1.63 per cent to 75,385.76.

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The NSE Nifty surged 325.55 points or 1.45 per cent to 22,834.30.

From the Sensex pack, Zomato jumped over 7 per cent. ICICI Bank, Mahindra & Mahindra, Tata Motors, Larsen & Toubro, Asian Paints, Titan, Kotak Mahindra Bank and State Bank of India were among the gainers.

However, Bajaj Finserv, Bharti Airtel, Tech Mahindra and Reliance Industries were the laggards. Shares of Bajaj Finserv declined over 1 per cent after the financial services firm signed share purchase agreements to acquire a 26 per cent stake owned by Allianz SE of Germany in its insurance businesses Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

Among Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European equity markets were trading with gains. US markets ended higher on Monday.

“The benchmarks witnessed a strong recovery, driven by favourable global trends and domestic tailwinds. Improved retail sales data from the US and China boosted investor confidence while mid and small-cap stocks outperformed, with all major sectors registering gains.

“The anticipated rebound in domestic earnings, along with a recent decline in the dollar index and lower crude prices, is expected to support this recovery,” Vinod Nair, Head of Research, Geojit Financial Services, said.

However, continued FII outflows, driven by higher risk-free rates and the appeal of markets like China, along with tariff uncertainties, keep investors cautious during this phase, he added.

Global oil benchmark Brent crude climbed 1.48 per cent to USD 72.12 a barrel. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,488.45 crore on Monday, while domestic institutional investors (DII) bought worth Rs 6,000.60 crore, according to exchange data.

The Sensex climbed 341.04 points or 0.46 per cent to settle at 74,169.95 on Monday, snapping its five-day losing run. The Nifty rose by 111.55 points or 0.50 per cent to 22,508.75.