Indian equity benchmarks on Tuesday reclaimed 550 points in the 30-share Sensex and the Nifty 50 index reclaimed its crucial psychological level of 17,050, led by gains in Reliance Industries, ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Axis Bank and Tata Steel. . Amid positive cues from other Asian markets. Asian stocks rose on Tuesday on easing concerns about the impact of the Omicron version, while Chinese markets rose after monetary policy easing by the central bank.
As of 9:48 am, the Sensex was up 560 points at 57,307 and the Nifty 50 index was up 168 points at 17,080.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6 per cent to a one-year low on Monday.
US and European stocks edged higher on Monday after Omicron eased concerns about the coronavirus pandemic, prompting investors to buy stocks that will likely do well in a rising interest rate environment.
Shares on Wall Street made strong gains earlier. The Dow Jones Industrial Average rose 1.87 per cent, the S&P 500 1.17 per cent and the Nasdaq Composite 0.93 per cent.
Back home, buying was visible across the board as thirteen of the 15 sectors compiled by the National Stock Exchange were trading higher than the Nifty Metal index’s gains of over 2 per cent. Nifty Realty, Private Bank, PSU Bank, Oil & Gas, Bank, Auto and Financial Services indices also rose nearly 1 per cent.
On the other hand, there was slight selling pressure in select pharma and healthcare stocks.
Mid- and small-cap stocks were also showing interest as the Nifty Midcap 100 index rose 0.5 per cent and the Nifty Smallcap 100 index rose 1 per cent.
Hindalco was the top Nifty gainer, with the stock jumping 3.3 per cent to Rs 435. JSW Steel, Kotak Mahindra Bank, Axis Bank, Tata Steel, IndusInd Bank, Maruti Suzuki, State Bank of India, Adani Ports, ONGC, Grasim Industries and Tata Motors also rose between 1-3 per cent.
On the flipside, Cipla, Dr Reddy’s Labs, Divi’s Labs and SBI Life were among the notable losers.
Overall market breadth was extremely positive as 2,045 stocks were leading while 648 were falling on the BSE.
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