The domestic equity benchmarks ended with robust gains on Tuesday, tracking positive global cues. The Nifty opened at 15,455.95 and marched higher as the session progressed to settle above the 15,600 level. Shares surged on value buying after a recent steep correction. Buying was wide spread. Media, oil & gas, PSU banks stocks rallied.

As per provisional closing data, the barometer index, the S&P BSE Sensex, up 934.23 points or 1.81% to 52,532.07. The Nifty 50 index gained 281.35 points or 1.83% to 15,631.50.

The broader market surged. The S&P BSE Mid-Cap index gained 2.42% while the S&P BSE Small-Cap index advanced 2.99%.

The market breadth was strong. On the BSE, 2,496 shares rose and 837 shares fell. A total of 129 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 3.97% to 4,720.75. The index fell 3.90% in the past trading session.

Ratnamani Metals & Tubes (up 8.47%), Hindustan Copper (up 7.77%), Steel Authority of India (up 6.09%), Jindal Stainless (up 5.53%), Hindalco Industries (up 5.4%), Welspun Corp (up 5.3%), JSW Steel (up 4.72%), Jindal Steel & Power (up 4.58%), Adani Enterprises (up 4.07%) and National Aluminium Company (up 3.76%) advanced.

Stocks in Spotlight:

Escorts rose 2.01% after the company announced that Ajay Mandhar has tendered his resignation from the post of chief executive officer (CEO), Agri Machinery Business, citing personal reasons. Mandahr also ceased to be key managerial personnel of the company. Shenu Agarwal, president of Agri Machinery and Construction Equipment business, has been assigned the role of CEO of Agri Machinery business, for interim period, till the time a new CEO is appointed by the company.

Bharat Forge advanced 3.20% after the company decided to consolidate its electric vehicle business initiatives under Kalyani Powertrain (KPL), a wholly-owned subsidiary, for a better strategic alignment. The company's investment committee - strategic business has approved the transfer of its stake in Refu Drive GmbH (Refu), joint venture (JV) company, to KPL subject to receipt of necessary approval from regulatory authorities.

KEC International gained 2.71% after the company said it secured new orders worth Rs 1,092 crore across its various businesses. The company has secured orders for transmission & distribution (T&D) projects in India, Middle East and Americas. It has also received an order for 2 x 25 kilovolt (kV) overhead electrification (OHE) & associated works for speed upgradation (Mission 'Raftaar') in India. Further, the company won orders in the residential, industrial and defence segments in India. It has also secured orders for various types of cables in India and overseas.

Bank of India rallied 3.17% after the bank said its board is planning to raise Rs 2,500 crore via fresh equity shares to increase the public shareholding in the bank to 25% to comply with regulatory norms. The present public shareholding in the Bank is 18.59% and the Bank has to increase this to 25% or above in order to comply with the minimum public shareholding requirements as per the Security Contracts (Regulation) Rules, 1957 and SEBI (LODR) Regulations, 2015. Hence, Bank proposes to issue fresh equity capital to increase the public shareholding to 25% or above, the bank said in a statement.

Suven Life Science hit an upper circuit of 20% at Rs 76.55 after the company announced that its board will consider a rights issue of shares on 24 June 2022. The company plans to raise funds through issue of equity shares of the company on rights basis to the existing equity shareholders of the company. The board will also discuss other matters related/ incidental thereto including the constitution of a committee of board of directors namely Rights Issue Committee' to implement the proposal of rights issue.

Fineotex Chemical rose 2.59% after the company said its board will consider raising funds on 24 June 2022. The company plans to raise funds by issuing equity shares and/or other equity linked securities, through permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer, etc., or any combination thereof. The proposal is subject to shareholders' approval and regulatory approvals.

Eureka Forbes rallied 8.38% after the company announced that its board accepted the resignation of Marzin R. Shroff as the managing director and chief executive officer (CEO). Eureka Forbes said that Marzin R. Shroff will step down as managing director and CEO of the company, with effect from August 2022 and will move to a new role as senior advisor to both Advent International and Eureka Forbes.

Global Markets:

The Dow Jones futures were up 512 points, indicating a robust opening in the US stocks today.

Shares in Europe advanced across the board while most of the Asian shares ended higher on Tuesday, as global markets appear to be staging a comeback rally after a tumultuous week last week.

South Korea's central bank on Tuesday said it expects inflation will be higher than earlier projected and that it would closely assess debt repayment burdens to determine whether a half-percentage point interest rate hike in July was appropriate.

Meanwhile, Australia's central bank says inflation will peak by the end of the year. The Reserve Bank of Australia governor Philip Lowe said in a speech that he expected inflation in Australia to peak at around 7% by the end of the year as pandemic-related supply chain disruptions resolve.

Markets in the U.S. were closed on Monday, 20 June 2022, for Juneteenth National Independence Day holiday.

Investors will monitor incoming data, including existing home sales on Tuesday, to gauge the health of the economy. Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank's biggest increase since 1994.

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