Sensex Up Over 200 Points, Nifty Holds 17,100 Led By Infosys, TCS

Infosys, Tata Consultancy Services, Bajaj Finance, Axis Bank, Bajaj Finserv and Power Grid were among the top movers in the Sensex

Sensex Up Over 200 Points, Nifty Holds 17,100 Led By Infosys, TCS

The Indian equity benchmarks came off intraday highs but continue to trade firmly higher in noon deals led by gains in Infosys, Tata Consultancy Services, Bajaj Finance, Axis Bank, Bajaj Finserv and Power Grid ahead of Gross Domestic Product data to be released later in the day. The Sensex was up 345 points at 57,605 and Nifty advanced 87 points to 17,141 by 2:16 pm.

Data was expected to show that India's economic recovery strengthened in the July-September quarter, helped by a pick-up in consumer spending, though the spread of the Omicron coronavirus variant raised fears for the future.

Asia's third-largest economy has been seeing a rebound from last year's deep slump, boosted by rising vaccination rates and a pick-up in government spending.

A Reuters survey of 44 economists projected GDP data - due out at 5:30 pm on Tuesday - will show 8.4 per cent year-on-year growth in the September quarter, the fastest pace among major economies, vs a 7.5 per cent contraction in the same quarter last year.

Power Grid was top Nifty gainer, the stock rose 3.4 per cent to Rs 207. Shree Cements, Bajaj Finserv, Bajaj Finance, SBI Life, Axis Bank, Tata Consumer Products, Titan and HCL Tech also rose between 1.7-2.6 per cent.

On the flipside, Tata Steel, Kotak Mahindra Bank, Hindalco JSW Steel, Adani Ports, ONGC, Coal India, Hero MotoCorp, Mahindra & Mahindra and HDFC were among the top losers on the Nifty 50 basket of shares.

Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 1.32 per cent and Nifty Smallcap 100 index advanced 1.56 per cent.

The overall market breadth was extremely positive as 2,086 shares were trading higher while 1,131 were declining on the BSE.

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