Sensex Rises Over 700 Points, Nifty Reclaims 17,100 Led By Reliance, Infosys

The Indian equity benchmarks staged a strong rebound after two sessions of declines on Tuesday led by gains in Reliance Industries, Infosys, HDFC Bank, ICICI Bank, HDFC, Axis Bank and ITC amid positive global cues. The Sensex rose as much as 754 points and Nifty 50 index moved above its important psychological level of 17,150.

As of 10:05 am, the Sensex was up 729 points at 57,309 and Nifty 50 index climbed 216 points to 17,170.

Asian shares were cautiously higher on Tuesday after a late revival on Wall street, though global growth fears stoked by China’s stringent COVID-19 curbs and an expected streak of aggressive Federal Reserve tightening sapped risk appetite, news agency Reuters reported.  Japan's Nikkei rose 0.5 per cent, Taiwan Weighted rose 0.5 per cent, Hong Kong's Hang Seng advanced 1.15 per cent and South Korea's KOSPI rose 0.64 per cent.

Overnight, U.S. stocks stormed back from sharp losses in the morning to notch gains Monday, the latest round of turbulence for Wall Street.

The S&P 500 climbed 24.34 points, or 0.6 per cent, to 4,296.12 after erasing an early 1.7 per cent loss. Stocks of internet-related companies helped lead the way, including Twitter, which jumped 5.7 per cent after agreeing to sell itself to Tesla CEO and tweeter extraordinaire Elon Musk.

The Dow Jones industrial average rose 238.06 points, or 0.7 per cent, to 34,049.46 after earlier being down 488 points, while the Nasdaq composite rallied 165.56, or 1.3 per cent, to 13,004.85 to lead the market.

Back home, buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Auto index's over 2 per cent gain. Nifty Bank, FMCG, Financial Services, IT, Pharma Realty, Healthcare, Consumer Durables and Oil & Gas indices also rose between 1-1.7 per cent.

Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 1.5 per cent and Nifty Smallcap 100 index advanced 1.4 per cent.

Bajaj Auto was top Nifty gainer, the stock rose 3 per cent to Rs 3,795. IndusInd Bank, Sun Pharma, Tata Motors, Mahindra & Mahindra, Bajaj Finance, Hero MotoCorp, Tata Consumer Products, Bajaj Finserv and ITC also rose between 2-3 per cent.

On the flipside, Hindalco was the only loser in the Nifty 50 basket of shares.

The overall market breadth was extremely positive as 2,245 shares were advancing while 586 were declining on the BSE.