Stock Market: Sensex Zooms 772 Points, Nifty Trades Above 17,850 Tracking Positive Trends

Stock update: IndusInd Bank, Bajaj Finserv, Bajaj Finance, Axis Bank, ICICI Bank, Larsen & Toubro, and Tata Steel emerging as major winners on the Sensex platform

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 surged over 1 per cent each.

Source : Getty

Sensex and Nifty, the two key equity benchmarks, on Tuesday opened higher in early trade despite uncertainty over the quantum of US Fed policy rate hike. The domestic indices gained momentum due to continuous buying in banking counters and recovery in global markets, amid foreign fund inflows.

At 10.30 am, the BSE Sensex jumped 772 points at 59,913, while the broader NSE Nifty was trading at 17,867, up 245 points.

On the 30-share Sensex platform, all the scrips were trading in the positive zone, with IndusInd Bank, Bajaj Finserv, Bajaj Finance, Axis Bank, ICICI Bank, Larsen & Toubro, and Tata Steel emerging as major winners.

In the previous session on Monday, the BSE benchmark ended 300 points (0.51 per cent) higher at 59,141, while the broader Nifty went higher by 91 points (0.52 per cent) to 17,622.

Among individual stocks, shares of Mcleod Russel soared over 9 per cent higher as Carbon Resources intends to acquire the company.

The mood of the 30-share Sensex market stood positive, as all the 30 scrips were advancing.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 surged over 1 per cent each.

All sectors started in positive territory, as Nifty IT and Nifty Media indices led the charge, up over 1 per cent.

“The Indian market continues to show resilience despite global challenges. Major indices like Nifty bank, auto, FMCG, and cement are at record levels with only IT dragging the benchmarks,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai, and Hong Kong were trading higher. The US markets ended with gains on Monday.

International oil benchmark Brent crude climbed 0.21 per cent to $92.19 per barrel.

Foreign institutional investors (FIIs) turned buyers as they bought shares worth Rs 312.31 crore on Monday, according to data available with the BSE.

Meanwhile, the rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities. On Monday, the rupee settled 3 paise lower at 79.81 against the dollar.