Sensex Up 350 Points, Nifty Above 18,200; Tech Mahindra Gains After Q2 Earnings

Buying was visible across the board as all the 15 sector gauges, barring the gauge of Private Bank shares, compiled by NSE were trading higher.

Sensex Up 350 Points, Nifty Above 18,200; Tech Mahindra Gains After Q2 Earnings

The Indian equity benchmarks surged on Tuesday led by gains in Reliance Industries, Tech Mahindra, HDFC, HDFC Bank, ITC, Bharti Airtel and State Bank of India. The Sensex rose as much as 409 points and Nifty 50 index touched an intraday high of 18,252 amid positive cues from global markets. Japan's Nikkei was up nearly 2 per cent, South Korea's KOSPI index advanced 0.65 per cent, Taiwan Weighted rose 0.61 per cent and Australia's S&P ASX 200 index rose 0.11 per cent.

As of 9:39 am, the Sensex was up 371 points at 61,338 and Nifty 50 index advanced 123 points to 18,248.

Overnight, global stocks rose and Treasury yields dipped on Monday with major Wall Street benchmarks hitting fresh records, buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook.

The Dow Jones Industrials and S&P 500 closed at record highs on Monday as traders looked ahead to earnings reports.

The Dow Jones Industrial Average rose 0.18 per cent to 35,741.15, the S&P 500 gained 0.47 per cent to 4,566.48 and the Nasdaq Composite added 0.9 per cent, to 15,226.71.

Back home, buying was visible across the board as all the 15 sector gauges, barring the gauge of Private Bank shares, compiled by the National Stock Exchange were trading higher led by the Nifty IT and Realty indexes' over 1.5 per cent gain. Nifty Auto, Metal, Media, PSU Bank and Consumer Durables indices also rose between 0.9-1.35 per cent.

Mid - and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 1.61 per cent and Nifty Smallcap 100 index advanced 2 per cent.

Tech Mahindra was top gainer in the Nifty 50 and Sensex basket of shares. The stock rose as much as 6.94 per cent to hit record high of Rs 1,630 after it reported net profit of Rs 1,339 crore in September quarter, up 26 per cent annually. The company's revenue in dollar terms advanced 6.4 per cent sequentially to $1,472.6 million.

Bharti Airtel advanced 2.55 per cent after the company said that it will avail deferment of the payment of spectrum auction instalments due up to four years and deferment of AGR related dues by a period of four years with immediate effect.

SBI Life, Tata Motors, Bajaj Finance, Tat Steel, Infosys, State Bank of India, Grasim Industries, Bajaj Finserv, UPL, Divi's Labs and Larsen & Toubro also rose between 1-2.5 per cent.

On the flipside, ICICI Bank, Axis Bank, Power Grid, Kotak Mahindra Bank, Britannia Industries, Asian Paints, Hindalco and Dr Reddy's Labs were among the losers.

The overall market was extremely positive as 2,045 shares were advancing while 627 were declining on the BSE.

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