Sensex, Nifty Edge Higher; SBI, Tata Motors Among Top Gainers

Sensex Surges Over 600 Points, Nifty Above 17,200 Led By IT Shares

The Indian equity benchmarks jumped on Tuesday led by gains in heavyweights like State Bank of India, ITC, Reliance Industries, Infosys, Bajaj Finance and Tata Consultancy Services amid positive global cues. The Sensex rose as much as 674 points and Nifty 50 index was trading firmly above its important psychological level of 17,200. Asian share markets were trading in positive territory on Tuesday as investors became cautiously optimistic the new Omicron variant might not cause a widespread global economic disruption to worsen the coronavirus pandemic.

As of 9:42 am, the Sensex was up 627 points at 57,888 and Nifty 50 index climbed 179 points to 17,233.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.52 per cent higher on Tuesday.

In Australia, the S&P/ASX200 was up 1.15 per cent while Japan’s Nikkei was trading 1.2 per cent higher early in the session.

Hong Kong’s Hang Seng Index underperformed, down 0.25 per cent while China’s blue chip CSI 300 index was up 0.13 per cent.

Back home, buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty IT index nearly 2 per cent gain.

Nifty Bank, Auto, Financial Services, Media, PSU Bank, Realty, Consumer Durables and Oil & Gas indices also rose between 0.7-3.5 per cent.

Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 1.4 per cent and Nifty Smallcap 100 index advanced 1.6 per cent.

Power Grid was top Nifty gainer, the stock rose 3.7 per cent to Rs 208. Tech Mahindra, Tata Motors, Axis Bank, Bajaj Finance, Bajaj Finserv, Bharat Petroleum, Wipro, State Bank of India, Infosys, Titan, TCS, Hindalco, UPL and Tata Consumer Products also rose between 1.3-3 per cent.

On the flipside, Dr Reddy’s Labs and Divi’s Labs were among the notable losers.

The overall market breadth was extremely positive as 2,138 shares were advancing while 518 were declining on the BSE.

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