Stock Market: Sensex Up 92 Points, Nifty Trades Above 16,300; Auto, Metals Lead

Stock update: Tata Steel was the lead gainer, up 1.61 per cent. The other were UltraCemco, M&M, Axis Bank, Bharti Airtel, Bajaj Finserv, Wipro, Maruti, HDFC Bank, TCS, Reliance, and others on the BSE

The broader markets firmly outperformed the frontline indices. The BSE MidCap and SmallCap indices were up to 0.7 per cent higher.

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Sensex and Nifty, the two key equity benchmarks, on Tuesday rose marginally after erasing early gains.

At 10.45 am, the BSE Sensex was trading at 92 points up at 54,613, while the broader NSE Nifty was trading at 16,302, up 24 points.

On the 30-share BSE platform, Tata Steel was the lead gainer, up 1.61 per cent. The other gainers were UltraCemco, M&M, Axis Bank, Bharti Airtel, Bajaj Finserv, Wipro, Maruti, HDFC Bank, TCS, Reliance, and others. On the flipside, Nestle was the prime laggard, down 0.97 per cent. The other losers Asian Paint, HCL Tech, Infosys, Kotak Bank, ITC, L&T, HUL, IndusInd Bank, and others.

The broader markets firmly outperformed the frontline indices. The BSE MidCap and SmallCap indices were up to 0.7 per cent higher.

On NSE, 11 out of the 15 sector gauges were trading in the red. Sub-indexes Nifty IT, Nifty Bank, and Nifty FMCG were underperforming the NSE platform by falling as much as 0.26 per cent, 0.31 per cent, and 0.39 per cent, respectively. Sectorally, Nifty auto, metals, and PSBs gained the most.

Though, the overall market breadth was positive as 1,733 shares were advancing, while 843 were declining on the BSE.

Sensex had rallied 760 points or 1.41 per cent to close at 54,521 on Monday, while Nifty had moved 229 points or 1.43 per cent higher to settle at 16,279.

Global markets struggled to find a firm direction. However, US stock futures and Japan's Nikkei were in the green.

Meanwhile, the rupee depreciated 7 paise to an all-time low of 80.05 against the US dollar in early trade on Tuesday tracking the strength of the American currency and firm crude oil prices.

At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close.

In initial trade, the local unit also touched 79.90 against the American currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.12 per cent higher at 107.49.

Global oil benchmark Brent crude futures fell 0.35 per cent to $105.90 per barrel.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 156.08 crore, as per stock exchange data.