Sensex Rebounds Over 1,000 Points, Nifty Trades Above 16,900; Tata Steel, Wipro, HCL Tech Among Top Gainers

The Indian equity benchmarks surged on Tuesday led by gains in Tata Steel, Wipro and HCL Tech.

Sensex Rebounds Over 1,000 Points, Nifty Trades Above 16,900; Tata Steel, Wipro, HCL Tech Among Top Gainers

The overall market breadth was positive as 2,456 shares were advancing.

New Delhi: The Indian equity benchmarks surged on Tuesday led by gains in Tata Steel, Wipro and HCL Tech. Asian shares advanced, shrugging off a bruising Wall Street session, as Chinese markets cheered Beijing's move to help troubled property firms, although surging cases of the Omicron coronavirus variant remain a worry for investors.

As of 11:49 am, the 30-share Sensex pack was up 1,010 points or 1.81 per cent at 56,833 and the broader NSE Nifty moved 294 points or 1.77 per cent higher to 16,906.

Mid- and small-cap shares were trading in green as Nifty Midcap 100 index was up 1.87 per cent and Nifty Smallcap 100 index rose 2.22 per cent.

On the stock-specific front, Tata Steel was the top Nifty gainer as the stock jumped 4.61 per cent to Rs 1,122.45. HCL Tech, Hindalco, JSW Steel and Coal India were also among the gainers.

On the flipside, PowerGrid and Cipla were among the losers.

The overall market breadth was positive as 2,456 shares were advancing while 721 were declining on BSE.

On the BSE platform, Tata Steel, Wipro, Tech Mahindra, Titan, Reliance Industries, ICICI Bank and L&T attracted most gains with their shares rising as much as 4.65 per cent in late morning deals.

Both Sensex and Nifty had slumped on Monday with the 30-share BSE index diving 1,189.73 points or 2.90 per cent to close at 55,822.01 as concerns over surging Omicron cases across the world jolted investors. Nifty had tanked 371 points or 2.18 per cent to settle at 16,614.20.

The spread of new Covid-19 variant (Omicron) has stoked fears of stagflation, analysts have said. Stagflation is a scenario with rising inflation and stagnant or declining economic growth due to the spread of Omicron and expectations of lockdowns.

.