The Indian equity benchmarks surged on Tuesday led by gains in Wipro, Tata Motors and Bajaj Finserv.
New Delhi: The Indian equity benchmarks surged on Tuesday led by gains in Wipro, Tata Motors and Bajaj Finserv. Asian stocks traded higher shrugging off a bruising Wall Street session, as Chinese markets cheered Beijing’s push to help troubled property firms, although surging cases of the Omicron coronavirus variant persist as a worry for investors.
As of 9:21 am, the 30-share Sensex pack was up 710 points or 1.27 per cent at 56,532 and the broader NSE Nifty moved 191 points or 1.15 per cent up to 16,805.
Mid- and small-cap shares were trading in green as Nifty Midcap 100 index was up 0.81 per cent and Nifty Smallcap 100 index rose 1.15 per cent.
On the stock-specific front, Wipro was the top Nifty gainer as the stock jumped 1.95 per cent to ₹ 678.95. Tata Motors, Bajaj Finserv, Tata Steel and Bajaj Finance were also among the gainers.
On the flipside, Cipla, Eicher Motors and Bajaj Auto were among the losers.
The overall market breadth was positive as 1,717 shares were advancing while 502 were declining on BSE.
On the BSE platform, Titan, Tata Steel, IndusInd Bank, ICICI Bank, L7T, and SBI attracted most gains with their shares rising as much as 2.16 per cent in opening 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.
