Sensex gains 198 points; Nifty has surpassed 17,500-mark

The Sensex finished 198 points higher on Tuesday, led by gains mainly in power, telecom, and pharmaceutical stocks. The 30-share index gained 198.44 points, or 0.34 percent, to close at 58,664.33 after plummeting almost 700 points in early session.  The NSE Nifty also gained 86.80 points, or 0.50 percent, to 17,503.35.

With a gain of roughly 4 percent, PowerGrid led the Sensex pack, followed by NTPC, Tata Steel, Bharti Airtel, Sun Pharma, and Bajaj Finserv.  IndusInd Bank, Asian Paints, Infosys, Bajaj Auto, and Maruti Suzuki, on the other hand, decreased by 2.59 percent.

Except for IT sector, all other sectoral indices closed the day in the green, with power, metals, real estate, pharma, capital goods, oil & gas, and PSU bank indices all rising 1-3 percent. The BSE midcap and smallcap indices both gained more than 1 percent.

Meanwhile, European markets fell sharply in the early hours of the day, on track for their worst day in two months, as a risk-off atmosphere intensified amid a rise in COVID-19 cases and concerns about rate hikes. At the time of writing, the Stoxx 600 index in Europe was down 1 percent, having touched a three-week low.

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