Sensex surges 748 points to finish at 37,688; Nifty reclaims 11,050

NEW DELHI: Equity indices finished higher on Tuesday with the benchmark BSE sensex rising over 700 points led by gains in banking and financial stocks amid positive global cues.
The 30-share BSE index jumped 748 points or 2.03 per cent to close at 37,688; while the broader NSE Nifty settled 211 points or 1.94 per cent higher at 11,102.
Top gainers in the sensex pack included Reliance, HDFC Bank, Maruti, Axis Bank, HDFC and ICICI Bank with their shares rising as much as 7.10 per cent.
While Tech Mahindra, IndusInd Bank, HCL Tech, Ultra Cemco and Infosys were the major losers falling up to 2.75 per cent.
On the NSE platform, sub-indices Nifty Media, Financial Services, Bank and Private Bank rallied up to 3.89 per cent.
According to traders, heavy foreign fund inflow and positive cues from global markets cheered investors.
Shares of HDFC Bank surged nearly 4 per cent after the Reserve Bank of India (RBI) approved Sashidhar Jagdishan's appointment as the new chief of the bank.
"Global cues are positive and RBI approval for the CEO seat at HDFC Bank is supporting domestic markets," Rahul Sharma, head of research, Equity99 Advisors told news agency Reuters.
Meanwhile, the rupee pared some of its initial losses and settled 3 paise down at 75.04 (provisional) against the US dollar, even as domestic equity market was trading with significant gains.
According to provisional exchange data, foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 7,818.49 crore on Monday.
(With agency inputs)