The Indian equity benchmarks bounced after Monday’s sharp selloff led by gains in Reliance Industries, ICICI Bank, HDFC Bank, HDFC, Larsen & Toubro, State Bank of India and Axis Bank. The Sensex rose as much as 266 points and Nifty 50 index moved above its important psychological level of 14,350.
As of 9:21 am, the Sensex was up 124 points at 48,007 and Nifty 50 index rose 0.27 per cent or 37 points to 14,347.
All the 11 sector gauges, barring the measure of information technology shares, were trading higher led by the Nifty PSU Bank index’s 1.52 per cent gain. Metal, Private Bank, Realty, Bank, Auto and Financial Services indexes rose between 0.8-1.2 per cent.
Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 0.75 per cent and Nifty Smallcap 100 index advanced 0.62 per cent.
UPL was top Nifty gainer, the stock rose 3.4 per cent to Rs 610. ONGC, Mahindra & Mahindra, Hindalco, Shree Cements, Power Grid, Bajaj Finance, Larsen & Toubro, Bajaj Finserv and Indian Oil also between rose 1.4-3.3 per cent.
On the other hand, Tata Consultancy Services was top Nifty loser, the stock fell as much as 4.51 per cent to Rs 3,100 after it reported March quarter earnings.
Tech Mahindra, Adani Ports, Infosys, Dr Reddy’s Labs, Tata Motors, Wipro, HCL Technologies, Asian Paints and Nestle India were also among the notable losers.
The overall market breadth was positive as 1,548 shares were advancing while 517 were declining on the BSE.