Sensex Surges 350 pts, Nifty Reclaims 18K for First Time Since April

Sensex Today: Domestic benchmark Sensex and Nifty indices started in the green on Tuesday morning. Frontline indices Nifty50 opened over 100 points higher to reclaim the 18,000-mark, after a hiatus of five months, whereas the S&P BSE Sensex gained over 300 points to trade at 60,432 levels.

The strength spilled across broader markets too, as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.6 per cent.

While Bajaj Finserv, SBI, Infosys, Wipro, Titan, HDFC Bank were the top contributors to the benchmark indices; weakness in HCL Technologies, Asian Paints, Maruti Suzuki, Cipla, Sun Pharma capped the upside.

All sectors opened on a cheerful note with Nifty Media and Nifty Bank indices leading the pack.

Anand James – Chief Market Strategist at Geojit Financial Services, said: “While Nifty has persisted with the upside trajectory on anticipated lines, trading ranges narrowed yesterday urging caution. Inability to further gains after entering the 18,040-160 band could call for buyers withdrawing at least until 17,860.”

Global Cues

Asian stocks rose on Tuesday as traders in Korea returned from holidays in a mood to catch up on a global bounce, while other markets held steady ahead of US inflation data that will offer a crucial guide to the interest rate outlook.

Tokyo stocks opened higher on Tuesday, tracking gains on Wall Street, as investors priced in the expectation of further interest rate hikes to tame inflation. The benchmark Nikkei 225 index was up 0.14 per cent, or 40.60 points, at 28,582.71 in early trade, while the broader Topix index was up 0.15 per cent, or 2.96 points, at 1,983.18.

Wall Street extended its winning streak on Monday, rallying to a sharply higher close as investors awaited crucial inflation data that could provide clues about the duration and severity of the Federal Reserve’s tightening policy.

Oil prices edged up early on Tuesday, extending gains from the previous session as investors worried about tight supply ahead of the winter heating season in the Northern Hemisphere. Brent crude rose 5 cents to $94.05 a barrel by 0006 GMT, while WTI crude rose 7 cents to $87.85 a barrel.

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