Sensex, Nifty Snap Four-day Losing Streak

(RTTNews) - Indian shares rallied on Tuesday amid short covering as the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) began its three-day deliberations and a slew of encouraging economic data from Europe, China and the U.S. raised hopes for a quick economic rebound from the coronavirus pandemic.

The benchmark S&P BSE Sensex climbed as much as 748.31 points, or 2.03 percent, to 37,687.91 amid some short covering as well as value buying in beaten down stocks.

The broader NSE Nifty index ended up 211.25 points, or 1.94 percent, at 11,102.85 after losing 400 points in previous four consecutive sessions.

Reliance Industries shares surged 7.4 percent after reports that the company is in talks to buy Chennai-based Netmeds as part of its broader play in the e-commerce industry.

HDFC Bank jumped 3.8 percent after the Reserve Bank of India approved the appointment of Sashidhar Jagdishan as Managing Director & CEO of the bank for a period of three years. HDFC gained 2.7 percent and HDFC Life advanced 1.8 percent.

ICICI Bank, Dr Reddy's Laboratories, Hero MotoCorp, Axis Bank, Maruti Suzuki and JSW Steel rose 2-3 percent, while Zee Entertainment shares surged 6.3 percent.

Wockhardt shares were locked in the 10 percent upper circuit limit after the company said it has entered into an agreement with the U.K. government to fill-finish Covid-19 vaccines.

On the flip side, Tata Motors, HCL Technologies, IndusInd Bank, BPCL and Tech Mahindra dropped 2-3 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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