Sensex gains 580 points, Nifty above 24,200; auto, pharma stocks advance

The Nifty50 and the Sensex pared some gains from opening highs but continued to trade strong amid positive global cues.

Trump signalled that the war with Iran may come to an end soon. He also warned that Iran would be hit 20 times harder if the country blocks oil supply from the Strait of Hormuz.

The Nifty India Volatility Index declined 15.24 per cent to 19.80 during open. This indicated that the near-term volatility decreased among investors.

InterGlobe Aviation, Shriram Finance, and Asian Paints were the top gainers in the Nifty50 index.

Broader markets outperformed the benchmark indices. The Nifty MidCap and the Nifty SmallCap indices were trading 0.72 per cent and 1 per cent higher, respectively.

Sector-wise, the Nifty Auto index rose 1.21 per cent to become the outperformer. Meanwhile, the Nifty IT declined 0.91 per cent to become the worst performing sectoral index.

Brent crude prices declined 11 per cent to $88.05 per barrel on Tuesday so far following Trump’s remarks. It was trading 4.36 per cent down at $94.65 per barrel, according to data on Bloomberg.

IPO Today

Innovision’s initial public offer is opening for subscription on Tuesday. It’s a book build issue of ₹322.84 crore, which includes both fresh issue and offer for sale (OFS).

Rajputana Stainless IPO will open for subscription on its second day. The issue was subscribed to 0.30 times on the first day.

Srinibas Pradhan Construction IPO will enter its final day of subscription. The issue was subscribed to 1.01 times on the second day.