The S&P BSE Sensex and NSE Nifty 50 indexes staged a gap up opening on Tuesday led by gain in Reliance Industries, HDFC, Infosys, ICICI Bank, Tata Consultancy Services and Bajaj Finance. Positive cues from other Asian markets also helped in boosting sentiment as investors wagered China’s economic strength would help underpin growth in the region, even as pandemic lockdowns threatened to lengthen the road to recovery in the West. The Sensex rose as much as 496 points and Nifty 50 index reclaimed its important psychological level of 14,400.
As of 9:25 am, the Sensex was up 424 points at 48,988 and Nifty 50 index climbed 117 points to 14,398.
Data out on Monday had confirmed the world’s second-largest economy was one of the few to grow over 2020 and actually picked up speed as the year closed.
Back home, buying was visible across sectors as all the 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Media index’s nearly 2 per cent gain. Nifty Realty, PSU Bank, Information Technology and Auto indexes also rose over 1 per cent each.
Mid- and small-cap shares were also witnessing buying interest as the Nifty Midcap 100 rose 1.2 per cent and Nifty Smallcap 100 index advaced 1.5 per cent.
Grasim Industries was the top Nifty gainer, the stock rose 3 per cent to Rs 1,029. Tata Motors, ONGC, Coal India, HDFC, Bajaj Finance, State Bank of India, GAIL India, Bajaj Finserv, Reliance Industries and Adani Ports also rose between 1.5-3 per cent each.
On the flipside, UPL, ITC and HDFC Bank were among the notable losers.
The overall market breadth was positive as 1,616 shares were advancing while 398 were declining in the BSE.