Bulls made a strong comeback in Tuesday’s session, with the Nifty closing above 22,700, led by IT stocks following strong quarterly earnings from HCL Technologies.
Markets erased opening losses in the initial hours and traded in positive territory for most of the session amid volatility. Gains extended in the final hour after Finance Minister Nirmala Sitharaman’s positive comments on long-term capital gains (LTCG) tax and the securities transaction tax (STT) lifted investor sentiment.
At close, the Sensex was up 1,109.10 points or 1.54 percent at 73,033.78, and the Nifty was up 358.60 points or 1.60 percent at 22,721.95.
Broader markets also ended higher but underperformed the benchmark indices, with the Nifty Midcap index rising 0.7%, while Smallcap index closing flat.
Biggest Nifty gainers were HCL Technologies, TCS, Shriram Finance, Tech Mahindra and Infosys, while losers included Eternal, Kotak Mahindra Bank, Max Healthcare, Power Grid Corp and Maruti Suzuki.