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    Sensex and Nifty50 rise as financial, oil & gas and auto shares lift market

    Sensex and Nifty50 rise as financial, oil & gas and auto shares lift market

    Sensex and Nifty50 rise as financial, oil & gas and auto shares lift market
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    By Sandeep Singh   IST (Published)


    The Sensex and the Nifty50 rose half a percent each in early trade on Tuesday tracking mild gains across other Asian markets.

    Indian equity benchmark built on initial gains after a mildly positive start on Tuesday, tracking strength across most other Asian markets. Buying interest in financial, oil & gas and auto shares pushed the headline indices higher, though selling pressure in select IT names played spoilsport.
    Both main indices climbed up as much as half a percent in the first few minutes of trade.
    The Sensex rose 320.7 points to touch 59,566.7 at the strongest level of the day so far, and the Nifty50 rose to as high as 17,764.7, adding 98.9 points to its previous close.
    A total of 35 stocks in the Nifty50 basket began the day in the green. Tata Motors, NTPC, IndusInd, ONGC, Tata Consumer, HDFC life and Coal India — rising between 0.5 percent and 0.8 percent — were the top gainers.
    On the other hand, Grasim, Hindustan Unilever, SBI, Asian Paints and Cipla — declining as much as half a percent — were the worst hit among blue-chip laggards.
    Reliance Industries, HDFC, HDFC Bank, ICICI Bank, Bharti Airtel and Axis Bank were the biggest contributors to the gain in both Sensex and Nifty.
    All sectors rose at the open.
    "The resilience of the domestic market even in the context of strong global headwinds is a bit surprising. Clearly, India is outperforming the rest of the world," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
    Overall market breadth favoured the bulls, as 1,759 stocks rose and 1,167 fell on BSE.
    Crude oil rates slipped on Tuesday, following a three percent surge on Monday, after a deal by the OPEC+ grouping of top producers to cut output by 1,00,000 barrels a day in October. The move was widely seen as a symbolic move to stem the market's recent slide.
    "The market is driven by momentum and the bulls are in control. The Nifty Bank is on the verge of a breakout and has fundamental support," Vijayakumar added.
    Investors awaited a new listing on the bourses. The stock of DreamFolks Services, whose IPO concluded last month with an overall subscription of 56.7 times the shares on offer, was all set to debut in the secondary market at 10 am.
    Meanwhile, the rupee inched higher against the US dollar.
    Global markets
    Equities in other Asian markets were largely in the green on Tuesday, with MSCI's broadest index of Asia Pacific shares outside Japan up 0.2 percent at the last count. Japan's Nikkei 225 was flat.
    European markets fell on Monday after Russia continued to keep its main gas supply pipeline to Europe shut. The pan-European Stoxx 600 finished 0.6 percent lower.
    S&P 500 futures were up half a percent in Asian trade on Tuesday. Wall Street will resume trade later in the day following a long weekend.
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