Share Market News: Sensex Rises 250 Points; Nifty Near 22,750. M&M Gains 3.9 Per Cent

Share Market News: On the 30-share Sensex platform, M&M is the top gainer, up 3.9 per cent. Tata Motors, Maruti, PowerGrid, Asian Paints, Reliance were among the other gainers

Share Market News: In the broader markets, Nifty Smallcap and Midcap gained 0.38 and 0.34 per cent, respectively.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Tuesday opened higher tracking positive global sentiment. At 10.10 am, the BSE Sensex advanced 251 points to 74,922. On the other hand, the NSE Nifty50 was trading at 22,725, up 82 points.

Stock update

On the 30-share Sensex platform, M&M is the top gainer, up 3.9 per cent, after the automaker launched XUV 3XO, a compact SUV, at Rs 7.49 lakh. Tata Motors, Maruti, PowerGrid, Asian Paints, Reliance were among the other gainers. On the down side, JSW Steel, Tata Steel, TechM, Airtel, Sun Pharma, Infosys emerged losers.

About 1950 shares advanced, 1008 shares declined, while 91 shares unchanged.

In the broader markets, Nifty Smallcap and Midcap gained 0.38 and 0.34 per cent, respectively.

Sectoral update

Sectorwise, Nifty Auto jumped 1.5 per cent higher, followed by Nifty Realty which rose 0.75 per cent.

In the previous session on Monday, the BSE Sensex closed 941 points higher at 74,671, while the NSE Nifty50 settled 223 points higher at 22,643.

"Today, the outlook remains positive with factors like net buying by FIIs (Foreign Institutional Investors) and DIIs (Domestic Institutional Investors), WTI oil slipping below $83 a barrel, and anticipation of a pre-election rally. Focus shifts to the FOMC (Federal Open Market Committee) meeting decision on May 1 and the April jobs report on May 3," said Prashanth Tapse, senior VP (Research), Mehta Equities Ltd.

Global market updates

In Asian markets, Seoul, Tokyo and Hong Kong were quoting in the positive territory while Shanghai traded lower. Wall Street ended with gains on Monday.

Global oil benchmark Brent crude declined 0.11 per cent to $88.30 a barrel.

Foreign Institutional Investors (FIIs) turned buyers on Monday after continuous offloading. They bought equities worth Rs 169.09 crore, according to exchange data.

Rupee falls 3 paise

Meanwhile, the Indian currency fell 3 paise to 83.48 against the US dollar in early trade on Tuesday amid a strong American currency against major Asian rivals and an upward movement in the crude oil prices. However, positive sentiment in the domestic equity markets and some inflow of foreign capital in the Indian equities capped the fall in the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.46 against the greenback and then slipped further to 83.48, registering a loss of 3 paise compared to its previous closing level. On Monday, the rupee had settled 7 paise lower at 83.45 against the US dollar.