Stock Market: Sensex Gains Over 150 Points, Nifty Tops 18,300 On Mixed Cues. Tata Motors, Bajaj Finserv Lead

Stock update: On the 30-share Sensex platform, Tata Motors, Bajaj Finserv, Tata Steel, L&T, IndusInd Bank, UltraCemco, Titan were among the lead gainers

The two key equity benchmarks, Sensex and Nifty, on Tuesday opened with nominal gains, tracking mixed global cues. Soon after, the two domestic indices slightly picked up pace and moved upwards.

At 9.45 am, the BSE Sensex was trading at 61,930, up 166 points. On the other hand, the NSE Nifty50 was up 49 points to 18,313.

On the 30-share Sensex platform, Tata Motors, Bajaj Finserv, Tata Steel, L&T, IndusInd Bank, UltraCemco, Titan were among the lead gainers. On the flip side, SBI, Sun Pharma, ITC, HCL, HUL, Airtel emerged early losers.

Among stocks, Kansai Nerolac Paints surged 7 per cent on reporting a five-fold jump in Q4 profit to Rs 96 crore. The company's board also approved a bonus issue of 1:2.

In the broader markets, the BSE Midcap and Smallcap indices rose up to 0.7 per cent versus 0.2 per cent gain in the in BSE Sensex.

Sectorwise, financials, automobiles, metals gain, while pharma and FMCG drag in early morning trading.

In the previous session on Monday, the BSE Sensex ended at 61,764, up 710 points. On the other hand, the NSE Nifty50 climbed 195 points to 18,264.

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

"The biggest positive catalyst is that the recession fears in the US are seen easing. Also, helping sentiments will be the fact that FIIs bought shares worth Rs 2,124 crore while Domestic Institutional Investors (DIIs) too bought shares worth Rs 245 crore," said Prashanth Tapse, senior VP (Research), Mehta Equities Ltd.

Foreign Institutional Investors (FIIs) were net buyers on Monday as they bought equities worth Rs 2,123.76 crore, according to exchange data.

Global oil benchmark Brent crude dipped 0.42 per cent to $76.68 per barrel.

Meanwhile, the rupee depreciated 14 paise to 81.92 against the US dollar in early trade on Tuesday, tracking the strength of the American currency in the overseas market.

Forex traders said factors like significant foreign fund inflows, positive domestic equities supported the local unit and restricted the downslide.

At the interbank foreign exchange, the domestic unit opened weak at 81.84 against the dollar, then fell to 81.92, registering a decline of 14 paise over its last close. On Monday, the rupee settled at 81.78 against the dollar.