Sensex Jumps 500 Points, Nifty Above 17,000 Led By Metal, Oil And Gas, Realty Stocks

Kotak Mahindra Bank, HDFC Bank, Axis Bank, Tata Steel, ICICI Bank, and Reliance are among the top movers in the Sensex

The BSE at Dalal Street in Mumbai

New Delhi: Key Indian equity benchmarks rebounded in early trade on Tuesday, with BSE Sensex surging over 550 points, while NSE Nifty reclaiming its psychological level of 17,000, taking support from firm global cues.

Of the 30 Sensex, 29 were in the green, led by Tata Steel (up 2 per cent), Kotak Bank, Axis Bank, Maruti Suzuki, IndusInd Bank, and SBI. The only losers on the index was Dr Reddy's Labs (down 1 per cent).  

Asian stocks on Tuesday edged higher on receding worries about the impact of the Omicron variant, while Chinese markets gained after the central bank there eased monetary policy.

In the broader markets, the midcap and smallcap indices advanced 0.6 per cent and 0.9 per cent, respectively.

At 10.10 am, it is noted that except pharma, all other sectoral indices are trading in the green with metal, oil and gas, realty, bank indices up 1-2 per cent.

Tata Steel was the top gainer in the Sensex pack, rising over 2 per cent, followed by Kotak Bank, Axis Bank, Maruti, IndusInd Bank and SBI. On the other hand, Dr Reddy’s, Tech Mahindra, L&T, Bharti Airtel and HCL Tech were among the laggards.

In the previous session, the 30-share equity benchmark ended 949.32 points or 1.65 per cent lower at 56,747.14, and Nifty slumped 284.45 points or 1.65 per cent to 16,912.25.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,361.28 crore on Monday, according to exchange data.

In Asian market, bourses in Shanghai, Hong Kong, Seoul, and Tokyo were also trading with gains in mid-session deals.

Stock exchanges in the US too ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude rose 0.62 per cent to $73.53 per barrel.