The benchmark indices surged on Tuesday as the Union Government seemed confident to get the foreign direct investment in multi-brand retail passed in the Parliament.
The market, which was upbeat since the morning on a development concerning a bailout package for Greece, got a big boost as the government agreed for a vote on the FDI issue. The BSE Sensex closed with a gain of 305.07 points at 18842.08, up 1.65 per cent.
Similarly, the NSE CNX Nifty closed with a gain of 91.55 points at 5727.45, up 1.62 per cent.
The top five gainers at BSE included Videocon (up 19.99 per cent), Unitech (11.13 per cent), Suzlon Energy (10 per cent), United Spirits (6.94 per cent) and Adani Power (5.84 per cent). United Spirits touched its 52 week high of Rs. 2,091 before closing at Rs. 2,075.15 after the stock got re-rated. The top five Nifty gainers included Bharti Airtel (4.75 per cent), JP Associates (4.38 per cent), BPCL (4.14 per cent), Reliance Infra (3.07 per cent) and HDFC (3.01 per cent).Telecom and metal stocks also gained.
“The signing of the Greek debt deal had a positive impact on sentiments. Moody’s reiterated its positive outlook on India,” said Dipen Shah, Head of PCG Research, Kotak Securities as some of the reasons that boosted market sentiment.
Rupee shoots up
Snapping its five-session losing streak, the rupee on Tuesday gained 28 paise to 55.45 against the dollar, buoyed by a stable outlook for the economy by rating agency Moody’s and a sharp rise in share prices.