Stock Market: Sensex Gains 250 Points, Nifty Above 17,000; Bajaj, Reliance Up 1%

On the 30-share Sensex platform, Bajaj Finance, Reliance, Titan, and Bharti Airtel were among the gainers while Tech Mahindra, HCL Tech, ITC, and Powergrid were early losers

The stock markets on Tuesday opened in green tracking positive global cues with key equity benchmark Sensex gaining 276.54 points to touch 57,905.49 level at 9.30 am. On the other hand, the broader NSE Nifty50 was up 77.20 points to 17,065.60. 

Fears related to the banking crisis seemed to subside.

On the 30-share Sensex platform, Bajaj Finance, Reliance, Titan, Bharti Airtel, Nestle India, and Bajaj Finserv were trading with gains. On the flip side, Tech Mahindra, HCL Tech, ITC, Powergrid, TCS, and Infosys were among the early losers.

Among individual stocks, Nestle India, Adani Enterprises, Reliance, SBI Life, and L&T were among the major gainers, while losers were ITC, JSW Steel, Power Grid Corporation, Cipla, and Sun Pharma.

The broader markets opened with gains. The BSE MidCap and SmallCap indices rose up to 0.5 per cent.

 

All sectors opened in the green, barring indices like the Nifty IT, Pharma, and FMCG. Nifty PSU Bank and the consumer durable index, on the other hand, had the biggest gains increasing by about 1 per cent.

In the previous session on Monday, the S&P BSE Sensex closed 360.95 points or 0.62 per cent down at 57,628.95, and the Nifty was down 111.65 points or 0.65 per cent at 16,988.40. 

The US Federal Reserve will start its two-day Federal Open Market Committee (FOMC) meeting today to discuss the future of interest rates and monetary policy. As of 8:15 am, the SGX Nifty suggested a positive start at the bourses at 17,094, up 70 points.

As the government arranged a rescue package for Credit Suisse, US markets had a solace surge overnight. The S&P 500, NASDAQ Composite, and Dow Jones indices all increased by up to 1 per cent. Elsewhere in Asia, the market rallied with the S&P 200, Kospi, Kosdaq, and Hang Seng indices rising up to 1 per cent.

In the commodity market, oil prices stabilised after diving to 15-month lows. Brent Crude and WTI Crude declined up to 0.6 per cent to $73 per barrel, and $67 per barrel, respectively.

Meanwhile, Rupee opened higher against the dollar in currency exchange. Rupee was up 2 paise to 82.54 against the US dollar in early trade.

On Monday, foreign institutional investors (FIIs) sold equities worth Rs 2,545.87 crore, on the other hand, domestic institutional investors (DIIs) bought equities worth Rs 2,876.64 crore on Monday.