Stock Market: Sensex Rises 275 Points, Nifty Nears 18,200 On Firm Global Cues. Banks, IT Lead

The two key equity benchmarks, Sensex and Nifty, started trade higher on Tuesday, tracking strong global cues. At 9.45 am, the S&P BSE Sensex gained 275 points to 61,217 in early deals. On the other hand, the Nifty50 was trading at 18,188, up 70 points.

On the 30-share Sensex platform, Tata Motors, HDFC Bank, Infosys, Tech M, ICICI Bank, IndusInd Bank, and Bajaj Finserv were the early winners. On the other hand, Axis Bank, UltraCemco, Tata Steel, Power Grid, Airtel, Nestle were the prime losers.

In the broader markets, the BSE MidCap and SmallCap indices surged up to 0.2 per cent.

Sectorally, the Nifty IT and PSU Bank indices (up 0.5 per cent each) were the star performers, followed by Nifty Bank index (up 0.4 per cent). On the downside, the Nifty Realty index fell 0.2 per cent.

Around 80 companies are scheduled to report their December quarter (Q3) results on Tuesday, including Cartrade Tech, Colgate Palmolive, HDFC AMC, Maruti Suzuki India, SBI Card, and TVS Motor Company. Maruti Suzuki, India’s largest carmaker, likely to see sequential decline in net profit and revenue because of moderation in sales volume in Q3. The net profit is expected to increase up to 92 per cent YoY, but decline up to 7.7 per cent per cent QoQ, in the range of Rs 1,794.4 crore to Rs 1,940 crore.

In the previous session on Monday, the BSE Sensex, which leaped around 500 points to the day’s high, settled 320 points higher at 60,942. On the other hand, the NSE Nifty ended at 18,118, up 91 points.