Sensex reclaims 60,500 mark while Nifty tops 18,000 in early trade

In the opening session on Tuesday, Sensex gained over 100 points to reclaim the 60,500 mark, aided by buying mostly in financial and information technology stocks.

The 30-share benchmark saw bouts of volatility in early trades but managed to trade in the green, rising by 104.68 points, or 0.17%, to 60,500.31. Similarly, the NSE Nifty rose 28.80 points, or 0.13%, to 18,032.10 in the opening session.

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HDFC, NTPC, Sun Pharma, HCL Tech, UltraTech, and Tech Mahindra were among the top gainers on the Sensex, jumping as high as 1.69%. The market breadth was split, with 15 of the 30 Sensex indexes trading in the green.

The 30-share BSE benchmark closed at 60,395.63, up 650.98 points or 1.09% in the previous session, while the broader NSE Nifty rose 190.60 points or 1.07% to 18,003.30.

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V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “contrary to expectations of modest returns in 2022, the year has started with 4 per cent appreciation in Nifty so far in January.” The surge is led by the justifiable uptrend in Bank Nifty which is up by 8 per cent till January 10, he said, adding that good Q3 results expected from financials, particularly leading banks, IT, metals, telecom and oil and gas are driving the current momentum in stocks.

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In other parts of Asia, bourses experienced a mixed reaction from participants, with China and Japan losing and Hong Kong and Taiwan gaining. Stocks finished slightly lower on Wall Street on Monday, recouping much of their early losses.

According to stock exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Monday, offloading shares worth Rs 124.23 crore.

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Separately, the international oil benchmark, Brent crude, rose 0.57% to USD 81.33 per barrel. In early trade, the rupee climbs 13 paise to 73.92 against the US dollar.