Stock Market Today: Sensex Rises 400 Points; Nifty Above 21,700. Banks Up 0.5 Per Cent

Stock update: On the 30-share Sensex platform, ICICI Bank, Axis Bank, Bajaj Finserv, NTPC, Kotak Bank, SBI emerged gainers. PowerGrid, Wipro, JSW Steel, HCLTech, Infosys, TechM were among the losers

The two key equity benchmarks, Sensex and Nifty, on Tuesday are trading higher, following CPI inflation and IIP data. At 10.10 am, the BSE Sensex jumped 408 points to 71,481. On the other hand, the NSE Nifty50 was trading at 21,708, up 92 points.

On the 30-share Sensex platform, ICICI Bank, Axis Bank, Bajaj Finserv, NTPC, Kotak Bank, SBI emerged prime gainers. On the down side, PowerGrid, Wipro, JSW Steel, HCLTech, Infosys, TechM were among the losers.

In the broader markets, the BSE Midcap and Smallcap indices dropped 0.38 per cent and 1.2 per cent, respectively.

Sectorwise, Nifty metal index tanked 3 per cent, power index declined 1 per cent, while capital goods, IT, and realty dropped 0.5 per cent each. However, Nifty Bank index rose 0.5 per cent.

In the previous session on Monday, the S&P BSE Sensex fell 523 points to settle at 71,072, while the NSE Nifty50 closed at 21,616, down 166 points.

V K Vijayakumar, chief investment strategist, Geojit Financial Services, said, "Correction will give opportunities to buy fairly valued stocks in this segment like PSU banks.”

In the Asia market, Tokyo's Nikkei 225 and China's Shanghai Composite were trading in the green zone, while Hong Kong's Hang Seng was in the red. European markets ended Monday's session in the green with CAC 40 of France and DAX of Germany rising 0.55 per cent and 0.65 per cent respectively. The US market, however, closed on a mixed note.

Global oil benchmark Brent crude rose 0.09 per cent to $82.07 a barrel on Tuesday.

Foreign Institutional Investors (FIIs) were net buyers on Monday as they bought equities worth Rs 126.60 crore, according to exchange data.

Meanwhile, The Indian rupee dropped marginally to 83.01 against the US dollar in early trade on Tuesday amid a muted trend in domestic equities. A stronger US currency and elevated crude oil prices also dented sentiments.

At the interbank foreign exchange, the rupee opened at 83.00 against the dollar, and touched an early high of 82.98 and a low of 83.01 in initial trade. On Monday, the rupee gained 7 paise to close at 83.00 against the US dollar.