Stock Market: Sensex Rises 113 Points, Nifty Trades Above 17,000 Tracking Positive Global Cues

Stock update: ITC, Power Grid, Hindustan Unilever, Infosys, Wipro, ICICI Bank, Nestle, and NTPC were major winners in early trade on the Sensex platform

Sensex and Nifty, the two key equity benchmarks, on Tuesday rebounded in early trade after falling in the last four sessions amid partial recovery in Asian markets. The domestic indices started trade on a positive note as, according to experts, global recession fears receded.

At 10 am, the BSE Sensex rose 113 points to 57,263, while the broader NSE Nifty was trading at 17,035, up 20 points.

On the 30-share Sensex platform, ITC, Power Grid, Hindustan Unilever, Infosys, Wipro, ICICI Bank, Nestle, and NTPC were major winners in early trade. On the flip side, Maruti, Titan, Tata Steel, Reliance Industries, and Kotak Mahindra Bank were losers.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 surged up to 0.6 per cent.

All sectors opened with marginal gains. Nifty PSU Bank, Nifty Media, Nifty Metal, Nifty Auto indices climbed up to 1 per cent in trade.

In the previous session on Monday, the BSE Sensex plunged 953 points (1.64 per cent) to close at 57,145, while the broader NSE Nifty fell 311 points (1.80 per cent) to 17,016.

Elsewhere in Asia, markets in Tokyo and Shanghai quoted in the green, while Seoul and Hong Kong traded lower. The US markets ended in the negative territory on Monday.

Markets are likely to take a breather from the recent corrections and start Tuesday's session on a higher note, tracking recovery in select Asian indices even as US markets in overnight trades continued the declining trend, said Prashanth Tapse - research analyst, senior VP (Research), Mehta Equities in his pre-market opening comment.

"However, markets may continue to wobble intra-day amidst escalating risks of a global recession driven largely by aggressive monetary tightening around the world to suppress elevated inflation," Tapse added.

The international oil benchmark Brent crude climbed 0.54 per cent to $84.51 per barrel.

Foreign institutional investors offloaded shares worth Rs 5,101.30 crore on Monday, according to data available with the BSE.

The rupee appreciated 37 paise to 81.30 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the domestic unit opened at 81.45 against the dollar, then touched 81.30, registering a gain of 37 paise over its previous close. On Monday, the rupee plunged 58 paise to close at an all-time low of 81.67 against the dollar.