The 30-share BSE index jumped 1,344 points or 2.54 per cent to close at 54,318. While, the broader NSE Nifty settled 417 points or 2.63 per cent higher at 16,259.
Tata Steel, Reliance, ITC, Wipro and ICICI Bank were the top gainers in the sensex pack rising as much as 7.62 per cent. All 30 shares finished in green.
On the NSE platform, all sub-indices closed the session on a higher note with Nifty Metal, Oil & Gas, Media and Auto gaining as much as 6.86 per cent.
Meanwhile, the much-anticipated Life Insurance Corporation (LIC) made its market debut today. However, it had a lacklustre session and closed almost 8 per cent lower than its issue price.
After a successful initial public offering (IPO) which fetched Rs 20,557 crore to the exchequer, LIC shares listed at a discount even as the benchmark BSE sensex gained. Later, the stock soared over 2 per cent during the day before closing at Rs 875.
“LIC was never considered a listing gain candidate, considering the market risk, and if you are investing in LIC, that is taking indirect exposure to equity markets as their maximum assets under management go to equity investments with inherent volatility that comes with it,” Prashanth Tapse, vice- president of research at Mehta Equities told news agency Reuters.
Metal stocks jumped after Moody’s Investors Service projected India’s steel exports to remain strong in the coming months as higher prices and regional demand would drive the steel companies to divert part of their output to exports.
“A ferocious up-move from the metal index lifted Reliance together with other sectoral indices leaving bears gasping and covering short positions and looking out for reasons for the rally,” S Ranganathan, Head of Research at LKP securities told news agency PTI.
Meanwile, the rupee slipped yet again to close at an all-time low of Rs 77.56 against the US dollar.
According to experts, domestic markets tracked gains in Asian stocks and remained higher throughout the day.
Hong Kong led a rally across Asian markets on hopes that China’s economic engine Shanghai will ease its weeks-long lockdown and gradually reopen businesses, though analysts cautioned there may be little long-term relief.
Much of the city of 25 million has been under stay-at-home orders since April as Beijing attempts to stamp out an Omicron-fuelled virus surge under its strict zero-Covid policy.
(With inputs from agencies)