The Indian equity benchmarks were trading higher on Tuesday led by gains in HDFC, Bharti Airtel, HDFC Bank, ICICI Bank, Asian Paints, Ultratech Cement, Kotak Mahindra Bank and Reliance Industries amid positive global cues. The Sensex rose as much as 341 points and Nifty briefly moved above its important psychological level of 17,300.
As of 9:46 am, the Sensex was up 149 points at 57,742 and Nifty 50 index advanced 75 points to 17,297.
Most of the Asian markets were trading higher after shares in the US ended higher. Japan's Nikkei rose 0.7 per cent, Hong Kong's Hang Seng advanced 0.45 per cent and South Korea's KOSPI added 0.15 per cent.
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Stocks indexes bounced back from a midday slump on Wall Street to finish higher Monday, adding to the market’s recent winning streak despite lingering worries about the resilience of the global economy amid surging inflation and geopolitical tensions.
The S&P 500 rose 0.7 per cent after being down as much as 0.6 per cent. The Dow Jones Industrial Average eked out a 0.3 per cent gain after having been in the red much of the day, while the Nasdaq composite climbed from a 0.5 per cent deficit to close 1.3 per cent higher. The indexes were coming off two straight weekly gains.
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Trading has remained choppy, even through the market’s recent run of gains, as investors try to gauge what’s next for inflation and the global economy as the repercussions of Russia’s invasion of Ukraine continue to play out.
Back home, eleven of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Pharm index's 0.9 per cent gain. Nifty Realty, Healthcare, Consumer Durables, Auto and Financial services indices also rose over 0.5 per cent each.
On the other hand, select metal, media, FMCG and Oil & Gas shares were facing selling pressure.
Mid- and small-cap shares were largely in line with their larger peers as Nifty Midcap 100 and Nifty Smallcap 100 indices rose 0.3 per cent each.
Adani Ports was top Nifty gainer, the stock rose nearly 3 per cent to Rs 757. Divi's Labs, HDFC, Ultratech Cement, Cipla, Bharti Airtel, SBI Life, Shree Cement, Asia Paints, Tata Motors and Bajaj Auto also rose between 1-2.5 per cent.
On the flipside, ONGC, Coal India, Hindalco, Tata Steel, ITC, NTPC, Axis Bank and Eicher Motors were among the losers.
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