Sensex Surges Over 1000 Points To Reclaim 50,000; Metal, IT Stocks Lead Gains

The BSE Metal index was buoyed by the news that JSW Steel has completed a resolution plan for Bhushan Steel and Power, including a payment of Rs 193.50 billion to financial creditors.

Sensex Surges Over 1000 Points To Reclaim 50,000; Metal, IT Stocks Lead Gains

, Nazara Technologies made a stellar debut, listing at a 80 per cent premium to its issue price

The benchmark indices have surged more than 2 per cent in afternoon trading due to positive cues from the global markets. The European indices,including the CAC, DAX and FTSE have registered gains of nearly a per cent each and there is strength across Asia, with the exception of Jakarta Composite index, as investors shook off earlier worries about a hedge fund default that roiled global banking stocks overnight.. At 2:00 pm, the BSE Sensex was trading at 50,096.55, higher by 1,087.66 points or 2.2 per cent and the NSE Nifty was at 14,831.55, up 325.95 points or 2.24 per cent.

All the BSE sectoral indices were trading in the green, with the BSE metal index being the top sectoral performer with gains of nearly 3 per cent each.

The broader markets were, however, under-performing their largecap peers, with the BSE Midcap index and BSE Midcap index gaining 0.8 per cent each.

On the IPO front, Nazara Technologies made a stellar debut, listing at a 80 per cent premium to its issue price. The shares of the mobile gaming company started off the day at Rs 1,971 on the BSE, a premium 79.02 per cent compared to the issue price of Rs 1,101. On the NSE, the shares listed at a premium of 80.74 per cent at Rs 1,990.

The BSE Metal index was buoyed by the news that JSW Steel has completed a resolution plan for Bhushan Steel and Power, including a payment of Rs 193.50 billion to financial creditors. JSW Steel has soared 5 per cent and Tata Steel has zoomed 4.3 per cent. Information technology stocks are also witnessing buying interest, with Infosys, Wipro, TCS and HCL Tech gaining between 3 per cent and 4 per cent each on the BSE.

M&M and Bharti Airtel are the only index stocks to buck the weak trend, with losses of a tad more than half a per cent each.