The domestic equity benchmarks rebounded from a sharp selloff in the previous session on Tuesday led by gains in Reliance Industries, ICICI Bank, Tata Consultancy Services, Larsen & Toubro, Bajaj Finance and Axis Bank. The Sensex rose over 350 points and Nifty 50 index moved above its important psychological level of 14,750.
As of 9:25 am, the Sensex was up 216 points at 49,960 and Nifty 50 index advanced 92 points to 14,768.
Asian stocks dipped on Tuesday as rising US Treasury yields and inflation prospects led to a further rotation out of the big tech stocks responsible for a major Wall Street rally during the pandemic.
The Australian S&P/ASX 200 fell 0.11 per cent and South Korea’s Kospi declined 0.87 per cent in early trading. Hong Kong’s Hang Seng index futures rose 0.54 per cent. Japanese markets are closed for a public holiday on Tuesday.
Back home, buying was visible across the board as all the 19 sector gauges compiled by the BSE were trading higher led by the S&P BSE Oil & Gas index’s over 2 per cent gain. Realty, Metal, Capital Goods, Industrials and Energy indexes also rose between 1-2.2 per cent each.
Mid- and small-cap shares were also witnessing buying interest as S&P BSE MidCap index rose 1 per cent and S&P BSE SmallCap index advanced 0.8 per cent.
Reliance Industries was top mover in the Sensex, the stock advanced as much as 2 per cent to Rs 2,049 after the company announced that it will get approvals to hive off oil-to-chemicals business by second quarter of next financial year.
ONGC was top Nifty gainer, the stock rose 6 per cent to Rs 113. Tata Motors, GAIL India, Bharat Petroleum, Larsen & Toubro, Indian Oil, Bajaj Finance and Bajaj Finserv also rose between 1-4 per cent.
On the flipside, UPL, Asian Paints, Kotak Mahindra Bank, Bajaj Auto, Maruti Suzuki, NTPC and Mahindra & Mahindra were among the losers.
The overall market breadth was positive as 1,363 shares were advancing while 740 were declining on the BSE.