Indian equity benchmarks on Tuesday opened higher amid positive cues from the global markets. Asian stocks and U.S. share futures rose as the market took stock after a recent steep selloff. Although, worries that aggressive central bank rate hikes to curtail inflation could spark a global recession remain.
Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a gap-up start for the domestic indices.
The 30-share BSE Sensex jumped 367 points or 0.71 per cent to 51,965 in a volatile early session, while the broader NSE Nifty moved 106 points or 0.69 per cent up to trade at 15,456.
Mid- and small-cap shares were trading on a strong note today as Nifty Midcap 100 climbed 1.15 per cent and small-cap moved 1.41 per cent higher.
All the 15 sector gauges — compiled by the National Stock Exchange — were trading in the green. Sub-indexes Nifty Metal, Nifty IT, Nifty Consumer Durables and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 2.13 per cent, 1.11 per cent, 1.16 per cent and 1.49 per cent, respectively.
On the stock-specific front, ONGC was the top Nifty gainer as the stock soared 2.38 per cent to Rs 137.60. Hindalco, Tata Motors, Eicher Motors and Dr Reddy’s were also among the gainers.
The overall market breadth was positive as 1,801 shares were advancing while 535 were declining on BSE.
On the 30-share BSE index, Dr Reddy’s, Titan, NTPC, Infosys, Bajaj Finserv, IndusInd Bank, Tata Steel, M&M, L&T, HCL Tech, SBI and PowerGrid were among the top gainers.
In contrast, Hindustan Unilever was trading in the red.
Sensex had jumped 237 points or 0.46 per cent to close at 51,598 on Monday, while Nifty had moved 57 points or 0.37 per cent up to settle at 15,350.