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Market Latest Updates: Sensex Gains Over 150 Points Led By IT, Pharma Shares

Stock Market Updates: Gains in IT, pharmaceutical and energy shares pushed the markets higher
Stock Market Updates: Gains in IT, pharmaceutical and energy shares pushed the markets higher

Domestic stock markets recovered early losses to move higher on Tuesday, continuing a rally for the ninth day in a row. The S&P BSE Sensex index jumped 193.02 points - or 0.48 per cent - to touch 40,786.82 at the strongest level of the session, following a subdued start. The broader NSE Nifty 50 benchmark climbed to as high as 11,988.20, up 57.25 points - or 0.48 per cent - from its previous close. Gains in IT, pharmaceutical and energy shares pushed the markets higher, however losses in select financial stocks limited the upside. 

At 11:21 am, the Sensex traded 128.79 points - or 0.32 per cent - higher at 40,722.59, while the Nifty was up 38.70 points - or 0.32 per cent - at 11,969.65.

UltraTech Cement, Shree Cement, Bharti Airtel, HCL Tech and Grasim, trading between 1.86 per cent and 4.65 per cent higher, were the top gainers in the Nifty basket of 50 shares. 

On the other hand, ICICI Bank, GAIL, Bajaj Finance, Tata Motors and SBI Life, trading between 0.76 per cent and 1.76 per cent lower, were the worst hit among 17 laggards in the index.

Official data on Monday showed consumer inflation in the country increased to 7.34 per cent in September , the highest level recorded since January, as food prices surged ahead of the festival season.

The data showed inflation remained well above the upper end of the RBI's target range, supporting economists' view that the central bank is likely to keep key policy rates on hold for the time being. 

Analysts awaited more corporate earnings from large cap companies for cues.

Shares in Wipro - the country's third largest IT services provider - dropped as much as 1.21 per cent to Rs 373 apiece on the BSE, ahead of the company's financial results due later in the day. 

The Nifty Bank index - which tracks stocks of 12 major lenders in the country - fell 1.18 per cent ahead of a Supreme Court hearing on waiving interest on loans under moratorium.

In other Asian markets, shares slipped on Tuesday, despite overnight gains in the US, as China's post-holiday rally cooled. However, a buoyant tech sector and optimism about US stimulus continued to support sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.02 per cent lower, while China's Shanghai Composite benchmark was down 0.29 per cent. Japan's Nikkei 225 index, however, was up 0.21 per cent. 

The E-Mini S&P 500 futures traded 0.14 per cent lower, indicating a negative start for Wall Street on Tuesday.