Sensex Closes 1,344 Points Higher, Nifty Above 16,200; LIC Closes 8 Per Cent Below Share Price

New Delhi: Share markets in India saw the return of the bulls on Tuesday. BSE’s benchmark index Sensex gained over 1,300 points to close at 54,318. Nifty50 rose over 400 points to close at 16,259. It breached the resistance level of 16,100. However, the much anticipated LIC IPO could not show an impressive performance on May 17. The shares of the company were listed at Rs 867 per share against the share price of Rs 949 fixed by the government. The LIC shares closed at Rs 875.45, nearly 8 per cent below the share price.Also Read – Who Is SS Mundra, New Chairman Of BSE?

According to Tanushree Banerjee, Co-Head of Research at Equitymaster, “LIC’s listing will bring in substantial investor interest to the life insurance sector which has so far had only a handful of listed companies having a relatively smaller market share. The stronger private sector insurance companies can use the competition with LIC to their advantage. LIC’s business model may continue to be very different from that of private sector insurers in the medium term.” Also Read – LIC IPO Lists At 8.6 Per Cent Discount; Check LIVE Share Price Here

Rupee At All-Time Low

On Tuesday, Indian Rupee touched a new low and closed at an all-time low of Rs 77.56 against US Dollar. According to reports, RBI intervened to control the fall of the Rupee by selling Dollars in the market. Also Read – Ahead Of LIC IPO Listing, Indian Share Market Opens In Green

Stocks In Focus

The Indian share markets were driven by a strong performance by heavyweight stocks, on Tuesday. All the sectoral indices ended in the green, with Nifty Metal being the top gainer. It gained nearly 7 per cent on Tuesday. Moreover, all the 50 stocks in Nifty50 closed in the green. Hindalco, Tata Steel, Coal India, JSW Steel and ONGC were the top gainers on NSE.

In Sensex, Tata Steel, Reliance Industries, ITC and Wipro were the top gainers. All the 30 stocks in Sensex closed in the green. Apart from metals, other sectors that performed well were Oil & Gas, Media and IT.