Finance Minister Pranab Mukherjee set the Sensex scurrying up from post-budget blues on Tuesday with a parliament speech that told traders what they wanted to hear: disinvestment is very much on. That topped a mood was bolstered by global cues.
BSE’s benchmark Sensex rallied 3.4 per cent or 453 points at 13,854 after having fallen for four trading sessions. The National Stock Exchange’s Nifty gained 3.5 per cent and closed at 4,111. Earlier, the Asian markets took the overnight cue from Dow Jones, which closed with a gain of 2.3 per cent on Monday. On Tuesday, Hang Seng was up 3.7 per cent, Nikkei 225 gained 2.3 per cent, and the Shanghai Composite rose by 2.1 per cent.
“The global markets rose on expectations of a good earnings from the US banks and also the rise in commodity prices have resulted in an upward movement of metal stocks,” said Alex Mathews, head of research, Geojit BNP Paribas Financial Services.
“Improved GDP data by Singapore government along with an anticipated good result for Goldman Sachs led to the upward movement,” said Apurva Shah, head of research, Prabhudas Lilladher Financial Services.