Stock Market: Sensex Rises Over 350 Points, Nifty Tests 18,700. Asian Paints, ITC Lead. MRF Share Price Crosses Rs 1 Lakh

Stock update: On the 30-share Sensex platform, barring Kotak Bank, HCL, and M&M, all the constituents are trading in the green. Asian Paints, ITC, Titan, Nestle, HUL, Axis Bank were the main gainers

The two key equity benchmarks, Sensex and Nifty, on Tuesday edged higher in early trade following an ease in CPI inflation and strength in US equities overnight. At 9.50 am, the BSE Sensex jumped 360 points to 63,085. On the other hand, the NSE Nifty50 moved advanced 98 points to 18,700. On the 30-share Sensex platform, barring Kotak Bank, HCL, and M&M, all the constituents are trading in the green. Asian Paints, ITC, Titan, Nestle, HUL, Axis Bank were the main gainers.

Among specific stocks, MRF share price crossed the much-awaited Rs 1 lakh mark on Tuesday, as the stock opened over 1 per cent higher. At 9.25 am, the stock was quoting at Rs 1,00,050 on the NSE amid heavy trading volumes. Zee Entertainment fell 4 per cent after the SEBI debarred its promoter and Essel group Chairman Subhash Chandra and MD and CEO Punit Goenka from holding key positions in any listed company. Inox Wind Energy zoomed 14 per cent on its proposed amalgamation with parent Inox Wind.

In the broader markets, the BSE Midcap and Smallcap indices gained up to 0.6 per cent.

Sectorwise, all indices held gains, led by Nifty FMCG index that rose over 1 per cent.

In the previous session on Monday, the S&P BSE Sensex gained 99 points to 62,725, while the NSE Nifty 50 moved 38 points up to 18,600.

"Markets may usher in gains in early Tuesday trade amid a sharp rally in overnight US markets even though Asian gauges are trading mixed. Markets are growing hopeful about the US economy and the interest-rate picture, and are counting on a pause in interest rate hike by the Federal Reserve. Fed's decision to pause on interest rates hinges on the inflation data to trickle in later today," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said in his pre-opening market comment.

In Asian markets, Seoul, Tokyo, and Hong Kong were trading in the green, while Shanghai quoted lower. The US markets ended in positive territory on Monday.

Global oil benchmark Brent crude climbed 0.72 per cent to $72.36 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 626.62 crore on Monday, according to exchange data.

Meanwhile, the rupee gained 3 paise to 82.40 against the US dollar in early trade on Tuesday supported by positive macroeconomic data and a firm trend in domestic equities. The rupee is trading in a narrow range against the American currency as investors are awaiting cues from the release of US inflation data that could influence the Federal Open Market Committee (FOMC) policy stance.

At the interbank foreign exchange, the domestic unit opened at 82.42 against the dollar and then rose to 82.40, registering a gain of 3 paise over its previous close. In the initial trade, the rupee touched a low of 82.46 against the American currency. On Monday, the rupee closed at 82.43 against the US currency.