Indian stock indexes rose on Tuesday, led by gains in index heavyweights such as Information systems , Axis Bank , HDFC Bank Bharti Airtel, HCL Technologies and Power grid. The Sensex rose as much as 242 points and the Nifty briefly regained its important psychological level of 25,000 amid mixed global cues.
At 9:19 am, the Sensex was up 90 points at 81,649 and the Nifty 50 index was up 35 points at 24,971.
Most Asian markets were trading higher, with the exception of Chinese market indices. Nikkei rose 0.16 percent and Australia’s S&P ASX 200 rose 0.63 percent, while Hong Kong’s Hang Seng fell 0.11 percent and China’s Shanghai Composite declined 0.2 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan, opens in new tab, was last up 0.2 percent, after falling 1.11 percent in the previous session to hit a one-month low.
Overnight, all three major Wall Street indexes closed higher on Monday as investors looked for bargains after the previous week’s sell-off, while also awaiting inflation reports in the coming days and the Federal Reserve’s next monetary policy decision next week.
In the country, ten of the 13 sectoral gauges compiled by the National Stock Exchange were trading higher, led by the Nifty Pharma index’s 1.41 per cent rise after the government reduced the goods and services tax (GST) on anti-cancer drugs from 12 per cent to 5 per cent. The Nifty IT, Metal, PSU Bank, Realty and Consumer Durables indices also rose between 0.4 per cent and 1 per cent.
On the other hand, some financial services and consumer goods stocks faced selling pressure.
Mid- and small-cap stocks outperformed their larger peers, with the Nifty Midcap 100 index up 1 percent and the Nifty Smallcap 100 index gaining 0.9 percent.
Power Grid was the top gainer on the Nifty, the stock rising 1.63 per cent to Rs 333. Divi’s Labs, Bharti Airtel, Apollo Hospitals, Hero MotoCorp, LTI Mindtree, Tata Consumer Products and Bharat Petroleum also rose between 0.8 and 1.5 per cent.
On the other hand, OSE Life, HDFC Life, Bajaj Finserv, Mahindra and Mahindra, Bajaj Finance, Unilever Hindustan Losers included Bajaj Auto and IndusInd Bank.
The overall market breadth was positive as 2,378 stocks advanced while 552 fell on the BSE.
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