Sensex closes 350 pts higher, Nifty holds 22,200 mark

Indian frontline indices BSE Sensex and NSE Nifty soared higher to close in green territory after opening on a flattish note on Tuesday (May 14). 

Sensex closed 328.48 points, or 0.45 per cent higher at 73,104.61 while Nifty inched 118.55 points, or 0.54 per cent higher at 22,222.60.

Earlier today, Indian frontline indices BSE Sensex and NSE Nifty 50 opened little changed with Nifty starting above 22,100 and Sensex near 72,700. 

Sensex opened 79.51 points, or 0.11 per cent lower at 72,696.70 while Nifty inched 8.90 points, or 0.04 per cent higher at 22,112.90.

GIFT Nifty is trading 143.00 points, or 0.65 per cent higher at 22,315.50.

Among sectoral indices, auto, financial service, IT, PSU Bank, metal, realty, commodities and PSE remained in green territory.

On the contrary, pharma, FMCG, and healthcare settled in red.

From the Sensex basket, JSW Steel, NTPC, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, Larsen & Toubro, UltraTech Cement, State Bank of India, Reliance Industries, and Maruti were the major gainers.

On the other hand, Nestle, Tata Consultancy Services, Axis Bank, ICICI Bank, Bajaj Finance, ITC, and Asian Paints were among the laggards.

India VIX, which suggests the market’s anticipation of volatility, in near term dipped marginally in today’s session after crossing over 21 mark for second consecutive session.

The index inched 0.41 points, or 1.99 per cent lower at 20.19. The volatility index comes at a time when India is undergoing through a general election.

Broader markets are showcasing trends along frontline indices with Nifty Midcap 100 inching 489.80 points, or 0.98 per cent higher at 50,225.20 while Nifty Smallcap 100 settled 325.25 points, or 2.03 per cent higher at 16,363.15.

The rupee closed at 83.51 against the US dollar, barely changing from its previous close at 83.53.

The Indian currency had stuck to a tight band between 83.51 and 83.5225 during the day’s session.

As per a Reuters report, the Reserve Bank of India (RBI), through the state-run banks, has likely been supplying dollars to nullify the impact of outflows.