Stock Market: Sensex Rises 275 Points, Nifty Trades Above 16,300 Amid Volatility; Tata Steel Down 12%

Stock update: On the BSE, Maruti was the lead gainer, with stock rising 4 per cent, followed by Titan Asian Paints, M&M, Infosys, Kotak Bank, and others. Tata Steel tanked 12 per cent

In the broader markets, midcap and smallcap shares were trading on a strong note as Nifty Midcap 100 climbed 0.76 per cent and smallcap gained 0.22 per cent. ( Image Source :Getty )

New Delhi: Sensex and Nifty, two key equity benchmarks, started Monday’s trade with nominal gains tracking mixed response in Asian markets amid high volatility.

After oscillating between gains and losses in early morning trade, the indices were trading in the green. At 10 am, the 30-share BSE Sensex rose 275 points to 54,601, while the broader NSE Nifty was at 16,319, up 53 points.

On the BSE platform, barring 5 stocks, rests were trading in the positive zone. Maruti was the lead gainer, with stock rising 4 per cent, followed by Titan Asian Paints, M&M, Infosys, Kotak Bank, and others.

On the flip side, Tata Steel was the prime loser. The stock of the steel major tanked 12 per cent. The other laggards were ITC, PowerGrid, Airtel, and Reliance.

In the broader markets, midcap and smallcap shares were trading on a strong note as Nifty Midcap 100 climbed 0.76 per cent and smallcap gained 0.22 per cent.

Sectorwise, Nifty Metals plunged over 6 per cent, while auto index led gains, up over 2 per cent. Realty and consumer durables were other gainers. While, Nifty IT and financials held muted gains. On the NSE, 13 out of the 15 sector gauges were trading in the green.

In the previous trading on Friday, the BSE Sensex rallied 1,534 points (2.91 per cent) to settle at 54,326, while the NSE Nifty jumped 456 points (2.89 per cent) to end at 16,266.

Meanwhile, Asian markets in Hong Kong, Shanghai and Tokyo were trading on a mixed note.

Stock markets in the US had ended on a mixed note on Friday.

"US stocks closed mixed on Friday. Asian stocks traded mixed on Monday as investors assess the impact of China's Covid policies on growth...," said Deepak Jasani, Head of Retail Research, HDFC Securities.

International oil benchmark Brent crude gained 0.60 per cent to $113.20 per barrel.

Foreign institutional investors offloaded shares worth Rs 1,265.41 crore on Friday, as per stock exchange data.