The Sensex and the Nifty50 held on to initial gains after a gap-up start, led by gains in financial, IT, oil & gas and healthcare shares.
Indian equity benchmarks started Tuesday's session higher amid buying across most sectors, with financial, IT, oil & gas and healthcare shares being the biggest boosts. Dalal Street mirrored positive moves across other Asian markets amid optimism on a moderating pace of hikes in COVID-era interest rates, as investors awaited a key interest rate decision by the Fed this week.
Recommended ArticlesView All
'Elephant in the room' — Finance Minister red-flags gold smuggling
IST2 Min(s) Read
Both headline indices rose as much as three quarters of a percent in the first few minutes of trade. The Sensex jumped 378.3 points to touch 61,124.9 at the strongest level of the day so far, and the Nifty50 climbed to as high as 18,130.7, up 118.5 points from its previous close.
A total of 44 stocks in the Nifty50 basket began the day in the green. Reliance, ICICI Bank, Apollo Hospitals, Maruti Suzuki, PowerGrid, UPL, Eicher, Infosys, Mahindra & Mahindra and HCL Tech were the top gainers.
The HDFC twins, Reliance, Infosys, ICICI Bank and TCS were the biggest contributors to the rise in both main gauges.
Investors awaited more of financial results from India Inc for domestic cues. Sun Pharma, Adani Ports, Tech Mahindra, UPL and Nykaa will report their quarterly numbers later in the day.
Bharti Airtel shares declined as much as 1.3 percent to Rs 821.5 apiece on BSE, a day after the telecom giant's 35 percent year-on-year jump in quarterly net profit fell short of Street estimates.
Tata Steel shares fell as much as 3.3 percent after the steel major reported a weak set of results, marred by a surge in input costs and a slowdown in the key economies where it operates.
The stock of construction major Larsen & Toubro declined 1.7 percent at the weakest level of the session so far, even as analysts raised earnings estimates for the company following its firm quarterly performance. On Monday, the company reported a 22.5 percent rise in net profit for the July-September period, meeting Street estimates.
Bajaj Auto shares gave up initial gains after the auto maker reported a 10 percent decline in total monthly sales compared with the corresponding period a year ago.
Overall market breadth was in favour of the bulls in early deals, as 907 stock rose and 605 fell on BSE.
The rupee inched higher at the open to 82.73 against the US dollar.
Equities in other Asian markets jumped amid optimism on a moderating pace of hikes by major central banks, shrugging off a weak session on Wall Street as investor focus turned to the Fed's policy review this week. MSCI's broadest index of Asia Pacific shares outside Japan was up 1.3 percent at the last count.
Japan's Nikkei 225 was up 0.2 percent, China's Shanghai Composite 0.9 percent and Hong Kong's Hang Seng 2.4 percent.
S&P 500 futures were up 0.3 percent, suggesting a higher start ahead on Wall Street. On Monday, the S&P 500 fell 0.8 percent, the Dow Jones 0.4 percent and the Nasdaq Composite one percent.
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.