Stock Market Today: Sensex Rises 380 Points; Nifty Trades Above 22,400. IT Index Leads

Stock market update: On the 30-share Sensex platform, TCS, HDFC Bank, Reliance, ICICI Bank, Axix Bank, TechM emerged gainers. ITC, Nestle, JSW Steel, NTPC, HUL, UltraCemco were among the losers

The two key equity benchmarks, Sensex and Nifty, on Tuesday are trading higher amid buying in TCS, HDFC Bank, Infosys, HCL Tech, and Reliance Industries shares. At 9.45 am, the S&P BSE Sensex soared 387 points to 73,889. On the other hand, the NSE Nifty50 was trading at 22,415, up 85 points.

On the 30-share Sensex platform, TCS, HDFC Bank, Reliance, ICICI Bank, Axix Bank, TechM emerged gainers. On the downside, ITC, Nestle, JSW Steel, NTPC, HUL, UltraCemco were among the losers.

In the broader markets, the BSE Midcap fell 0.16 per cent, while the Smallcap indices declined 0.96 per cent.

Sectorwise, Nifty IT index advanced 0.7 per cent, followed by the Nifty Phama index went up 0.4 per cent. On the other hand, Nifty FMCG index dropped 1 per cent.

In the previous session on Monday, the BSE Sensex fell 617 points to 73,503, while the NSE Nifty50 closed at 22,333, down 161 points.

"The dominant near term trend in the market now is the correction in the broader market, particularly the small caps. The small cap index is 7.8 per cent down from the peak and this correction is likely to continue since the valuations are even now excessive," V K Vijayakumar, chief investment strategist at Geojit Financial Services, said.

In the Asian markets today, Hong Kong and Seoul saw an upward trend, while Tokyo and Shanghai experienced declines. Trading in the US markets yesterday ended on a mixed note.

According to exchange data, Foreign Institutional Investors (FIIs) purchased equities worth Rs 4,212.76 crore on Monday.

The global benchmark Brent crude rose by 0.35 percent to $82.50 per barrel.

On the currency front, the rupee showed subdued movement against the US dollar in early trading today, with market participants adopting a cautious stance ahead of the release of significant macroeconomic data.

Forex traders are closely watching the upcoming release of the US February Consumer Price Index (CPI) and, domestically, the February CPI and January Index of Industrial Production (IIP), which are scheduled to be released after market hours.

Starting at 82.74 against the greenback at the interbank foreign exchange, the rupee then touched 82.72, marking a modest increase of 3 paise from its previous close. In Monday's session, the rupee had weakened by 8 paise to settle at 82.75 against the US dollar.