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Terrific Tuesday! Sensex Soars 1,277 pts, Ends Above 58K; Nifty Crosses 17,250

By: Aparna Deb

News18.com

Last Updated: October 04, 2022, 15:40 IST

New Delhi, India

Markets opened higher on Tuesday morning

Markets opened higher on Tuesday morning

Sensex Today: The benchmark Sensex and Nifty indices opened firmly on Tuesday morning in tandem with global peers.

Sensex Today: Indian shares rose 2 per cent on Tuesday, led by gains in banks and metal companies, as an attempted bounce in global equities and upbeat quarterly updates from companies lifted sentiment ahead of the corporate earnings season. The S&P BSE Sensex gained 1,277 points, or 2.25 per cent, to settle at 58,065. It had touched an intra-day high of 58,100. On the NSE, the Nifty50 shut shop at 17,274, up 387 points or 2.29 per cent. The index neared 17,300-mark in the intra-day deals.

“Indices surged over 2 per cent buoyed by positive global cues, and encouraging quarterly updates on advances, and collections from banks during the second quarter. Ahead of the festive season, the Street is optimistic on retail demand across segments. Participation of the IT sector today lent ammunition to the Bulls as almost all sectoral indices ended in the green. Positive tailwinds back home, amid gloom elsewhere in the globe, left Bears stranded today as the Sensex vaulted past 58,000," said S Ranganathan, Head of Research at LKP Securities.

IndusInd Bank, Bajaj Finance, TCS, HDFC, Bajaj Finserv, Tata Steel, HDFC Bank, Wipro, L&T, Axis Bank, ITC, SBI, and Infosys were the top Sensex gainers, rising between 2.5 per cent and 5 per cent. On the downside, only PowerGrid, and Dr Reddy’s Labs ended in the red.

In the broader markets, the BSE MidCap index advanced 2.4 per cent, while the BSE SmallCap index added 1.5 per cent.

Sectorally, all the indices edned in the positive zone led by the Nifty Private Bank and Metal indices (3.2 per cent each), Nifty Bank, PSU Bank, Financial Services, IT indices (2.8 per cent each), and Nifty FMCG index (1.8 per cent).

Rupee Opens

Indian rupee opened 23 paise higher at 81.64 per dollar on Tuesday against previous close of 81.87.

Global Cues

Tokyo stocks opened higher Tuesday after Wall Street shares rebounded, but a North Korean missile test shortly before the opening bell provided a reminder to investors of geopolitical risks. The benchmark Nikkei 225 index was up 1.82 per cent, or 477.51 points, to 26,693.30 in early trade, while the broader Topix index added 2.01 per cent, or 37.17 points, to 1,884.75.

Wall Street’s three major indexes rallied to close over 2 per cent on Monday as U.S. Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year’s final quarter.

Oil prices inched higher in early Asian trade on Tuesday, on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday but concerns about the global economy capped gains.

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first published:October 04, 2022, 09:20 IST
last updated:October 04, 2022, 15:40 IST