Sensex Jumps 300 Points, Nifty Above 17,100 on Global Cues

Asian Paints was the top gainer in the Sensex pack, rising around 2 per cent, followed by Tech Mahindra, L&T, Infosys, HCL Tech, and PowerGrid

Broader market indices, BSE MidCap and SmallCap, were also in the positive zone, trading 0.5 per cent and 0.8 per cent up, respectively. Image: Getty

New Delhi: Sensex, the key domestic equity benchmark, surged over 300 points in early trade on Tuesday, tracking gains in index heavyweights Infosys, Reliance Industries, and HDFC Bank amid robust positive trend in global markets.

The 30-share index surged 320.31 points (0.56 per cent) to 57,740.55 in the opening trade. Similarly, the Nifty rose 94.70 points or 0.55 per cent to 17,180.95.

Broader market indices, BSE MidCap and SmallCap, were also in the positive zone, trading 0.5 per cent and 0.8 per cent up, respectively. On the NSE, Nifty SmallCap 100 and 250 indices were leading the gains, trading 1.2 per cent up.

Asian Paints was the top gainer in the Sensex pack, rising around 2 per cent, followed by Tech Mahindra, L&T, Infosys, HCL Tech, and PowerGrid.

On the other hand, Dr Reddy’s was the sole laggard.

In the previous session, the 30-share equity benchmark settled 295.93 points or 0.52 per cent higher at 57,420.24, and Nifty recovered 82.50 points or 0.49 per cent to 17,086.25.

Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 1,038.25 crore on Monday, according to stock exchange data.

“If the market's ability to discount the future turns right, the global economy is likely to clock decent growth in 2022,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The resilience of the US market (S&P 500 registered its 69th record high yesterday) and the spike in crude are indications that the Omicron variant, though surging, is unlikely to impact economic activity in any meaningful way, he noted.

Elsewhere in Asia, bourses in Shanghai and Hong Kong were trading with losses in mid-session deals, while Seoul and Tokyo were positive.

The pan-European STOXX 600 index rose 0.62 per cent, nearing its highest level in over a month.

In Asia, China reported its highest daily rise in local Covid-19 cases in 21 months as infections more than doubled in the northwestern city of Xian, its latest hotspot. The Japanese currency weakened as far as 114.935 yen per dollar for the first time since November 26, approaching the year-to-date low of 115.525.

Stock exchanges in the US ended with strong gains in the overnight session.

Meanwhile, international oil benchmark Brent crude rose 0.12 per cent to $78.31 per barrel.