Stock Market: Sensex skyrockets over 850 points, Nifty near 12K; DLF, SAIL stocks gain

Stock Market News: After bleeding near 1000 points on Saturday, Indian indices pared their Saturday losses on Tuesday. The BSE Sensex rose 860 points at 2:34 PM while the Nifty-50 index was 254 points up after making a high of 11,976 levels. Bank Nifty soared 665 points and scaled at 30,687 levels. According to experts, this rise in share market indices is mainly caused by the slide in global crude oil prices.

Brent, the global oil benchmark, on Tuesday fell to as much as $53.95 a barrel as traders weigh the impact on global demand from the spread of coronavirus, which has probably cut China`s oil consumption by 20 per cent, according to analysts. China is the largest importer of crude oil in the world, while India also imports over 80 per cent of its total oil requirements.

See Zee Business Live TV streaming below:

Realty and Metal stocks led the bull run on Dalal Street as the BSE Realty index rose 3.81 per cent in the intraday trade session. Realty major DLF share price skyrocketed 6.77 per cent, Godrej Properties shares shot up 3.39 per cent, shares of Phoenix Mills soared 3.40 per cent while Oberoi Realty stock price rose 2.93 per cent in the intraday trade session.

HeroMotoCorp, Steel Authority of India Limited or SAIL, ITC, HDFC Bank, ICICI Bank and Reliance Industries were the top gainers on the Sensex.

At 11.19 a.m., the benchmark Sensex traded at 40,591.36, higher by 719.05 points or 1.80 per cent. The Nifty gained 222.05 points to trade at 11,929.95.

Asian markets traded higher on Tuesday after a recovery in Chinese stock markets. Shanghai Composite Index fell over 8 per cent on Monday. Investors reacted to the Coronavirus related deaths which has crossed 400 in China.

Meanwhile, provisions data from the exchanges showed, foreign institutional investors sold equities worth Rs 1,200.27 crore on Monday, while domestic institutional investors purchased shares worth Rs 1,286.63 crore. 
(With inputs from IANS)