Stock Market: Sensex Rises Above 300 Points, Nifty Trades Above 17,800 On Positive Cues. IT Stocks Gain

Stock update: On the 30-share Sensex platform, Infosys, M&M, TCS, HCL Tech, Reliance, Nestle were trading in the green. IndusInd Bank, Tata Motors, Titan, NTPC, Asian Paints, SBI emerged early losers

The two key equity benchmarks, Sensex and Nifty, on Tuesday opened higher tracking positive global sentiment.

At 9.40 am, the S&P BSE Sensex was up 304 points 60,735. On the other hand, the NSE Nifty50 was trading at 17,841, up 71 points.

On the 30-share Sensex platform, Infosys, M&M, TCS, HCL Tech, Reliance, Nestle were trading in the green. On the flip side, IndusInd Bank, Tata Motors, Titan, NTPC, Asian Paints, SBI emerged early losers.

Among individual stocks, shares of FSN e-Commerce Ventures, parent firm of Nykaa, tumbled over 3 per cent after the company posted 70.75 per cent YoY drop in consolidated profit to Rs 8.48 crore for Q3FY23. Besides, shares of Zee Entertainment declined over 3 per cent reported after the company clocked 91 percent YoY drop in net profit in Q3FY23.

In the broader markets, mixed trends can be seen as Nifty MidCap 100 index outperformed Nifty SmallCap 100 index.

Sectorwise, Nifty IT index was off to a positive start as it rose 0.9 per cent, while Nifty Realty and Nifty Media indices declined up to 0.6 per cent.

In the previous session on Monday, the S&P BSE Sensex recouped some of the day's losses and eventually settled 251 points lower at 60,432. On the other hand, the NSE Nifty 50 hit a low of 17,720, before settling with a loss of 86 points at 17,771.

Markets in Japan and Hong Kong were trading in the green while the European as well as the US indices closed with gains on Monday.

Meanwhile, the rupee gained 13 paise to 82.57 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. Forex traders said a positive trend in domestic equities and fresh foreign fund inflows also supported investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 82.59 against the dollar, then gained ground and touched 82.57, registering a rise of 13 paise over its previous close. In initial trade, the rupee also touched a low of 82.61 against the American currency.

On Monday, the rupee fell by 12 paise to close at 82.70 against the US currency.

Brent crude futures, the global oil benchmark, declined 0.70 per cent to $86 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth Rs 1,322.39 crore, according to exchange data.