Stock Market Today: Sensex Rises 308 Points, Nifty Above 15,900

The key benchmark indices opened in the green on Tuesday, taking a cue from the Asian markets.

The BSE Sensex rose 300 points to 53,280, and the NSE Nifty climbed 95 points to 15,930.

Tata Steel, Bajaj Finance, IndusInd Bank, Axis Bank, HUL, Dr Reddy's, RIL were the top gainers, rising up to 2 per cent. NTPC, PowerGrid, Sun Pharma and Asian Paints, meanwhile, were the top laggards. 

In the broader markets, the BSE MidCap and SmallCap indices also opened higher, rising up to 0.7 per cent. 

Sectorally, Metal, Energy and Power indices held strong gains on the BSE.

Meanwhile, Rupee fell 14 paise to 77.69 against US dollar in early trade.

Besides, Life Insurance Corporation of India (LIC) will make its debut on the stock markets today after a long-awaited initial public offering (IPO) that attracted overwhelming investor response and raised Rs 21,000 crore for the government.

Market experts are expecting a tepid listing for LIC because of the current upheaval in global equity markets, blamed on Russia's February 24 invasion of neighboring Ukraine, supply-chain disruptions caused by the war, and interest rate increases by the US Federal Reserve and other central banks that have ended years of easy money.

Earlier, Asian stocks rose Tuesday amid a jump in some technology firms and as investors evaluated China’s efforts to stamp out a Covid outbreak.

Hong Kong stocks opened higher Tuesday despite Wall Street stocks finishing mostly down on weak Chinese economic data. The Hang Seng Index rose 1.29 percent, or 256.60 points, to 20,206.81. South Korean shares rose on Tuesday, led by heavyweight Samsung Electronics, as the easing of some Covid-19 curbs in China supported appetite.

In the US markets, The S&P 500 declined 0.39% to end the session at 4,008.01 points. The Nasdaq declined 1.20% to 11,662.79 points, while Dow Jones Industrial Average rose 0.08% to 32,223.42 points.