The Indian equity benchmarks surged on Tuesday on the back of a broad-based buying interest amid strong global cues. The Sensex rose as much as 625 points and Nifty 50 index reclaimed its important psychological level of 17,450.
As of 9:29 am, the Sensex was up 563 points at 58,974 and Nifty 50 index rose 168 points to 17,480.
Asia stocks nudged higher on Tuesday as the dramatic U-turn in British fiscal policy brightened investor sentiment, while the U.S. dollar took a breather at its lowest levels in more than a week as a revival in risk-taking lowered its appeal.
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Britain's new finance minister Jeremy Hunt abandoned most of Prime Minister Liz Truss' economic plan that had led to a political maelstrom fuelled by market turmoil, with the pound hitting record lows in recent weeks and the Bank of England being forced to intervene, news agency Reuters reported.
Japan's Nikkei rose 0.8 per cent, South Korea's KOSPI rose 0.3 per cent, Singapore's Straits Times climbed 0.7 per cent and Taiwan Weighted advanced 0.4 per cent.
Overnight, Wall Street kicked off a busy week of corporate earnings with a broad rally Monday, the latest about-face for a market that has been unsteadily lurching between gains and losses in recent weeks.
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The S&P 500 climbed 2.6 per cent, more than recovering the ground it lost in a sell-off Friday. The Dow Jones Industrial Average rose 1.9 per cent and the Nasdaq composite added 3.4 per cent.
Nearly all of the stocks in the benchmark S&P 500 index rose, with technology and communications companies among the biggest gainers. Apple climbed 2.9 per cent and Google’s parent company rose 3.7 per cent.
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 IT index's 1.3 per cent gain. Nifty Media, PSU Bank, Auto, Bank, Financial Services, FMCG, Metal and Realty shares were also witnessing buying interest.
Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 0.6 per cent and Nifty Smallcap 100 index advanced 0.7 per cent.
Wipro was top Nifty gainer, the stock rose 2 per cent to Rs 383. Ultratech Cement, Hindalco, Bharti Airtel, Mahindra & Mahindra, Tata Motors, State Bank of India, Larsen & Toubro, Eicher Motors, Reliance and Hindustan Unilever also rose between 1.4-2 per cent.
On the flipside, Apollo Hospitals and Bharat Petroleum were among the notable losers.
The ovverall market breadth was extremely positive as 1,952 shares were advancing while 637 were declining on the BSE.
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