Indian equities gained ground and is trading higher on Tuesday on account of positive global cues. All sectoral indices are trading in green with metals, banks and financials leading the space.
At 10.30 a.m., the Sensex was trading up 656.47 points or 1.16% at 57,403.61 with 10 components registering rise. Meanwhile, the Nifty was trading higher by 197.15 points or 1.17% at 17,109.40 with 22 components posting rise.
Biggest gainers in the 30-share index were Kotak Mahindra Bank (3.14%), Axis Bank (2.48%), ICICI Bank (2.35%), Tata Steel (2.21%), Bajaj Finance (1.98%), IndusInd Bank (1.93%) and Power Grid Corporation of India (1.83%).
On the other hand, Asian Paints (0.35%) and Dr Reddy’s (0.33%) were the only two losers in the Sensex. Market breadth was positive with 2,259 advances against 729 declines.
On global front, most Asian stocks rose at the open on Tuesday after U.S. equities rebounded and China pledged measures to support slowing economic growth. Equity benchmarks advanced in Japan (up 1%) and Australia, while South Korea and Taiwan Index were little changed. SGX Nifty is up 0.5% and US Dow Future gained 0.3%.
U.S. stock indexes jumped to start the week, fueled by investors' bets that the Omicron Covid-19 variant may cause milder illness than previously feared, renewing confidence in consumer and travel demand. Dow Jones climbed up nearly (1.9%), one of the biggest gain over six months. Both Nasdaq and S&P 500 gained 1% each as Investors are also weighing high inflation readouts and the potential for the Federal Reserve to hasten the reduction of its pandemic stimulus measures to combat the surge in consumer prices.
European stocks rebounded from recent omicron-related losses as investors embraced data suggesting that cases of the new strain have been relatively mild so far. Germany, UK and France Index gained 1.5% each.
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