Indian equity benchmarks rebounded on Tuesday following two days of losses, boosted by gains across sectors and heavyweights such as Reliance Industries, Infosys and Bajaj Finance. Cautious gains in global markets supported the sentiment on Dalal Street, as investors tracked news flow on the Russia-Ukraine war and Beijing's battle against increasing COVID infections.

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NSE

The 30-scrip Sensex index jumped as much as 832.2 points or 1.5 percent to touch 57,412.1 during the strong session, and the broader Nifty50 benchmark climbed to as high as 17,217, up 263.1 points or 1.6 percent from its previous close.

Investors gained Rs 4.1 lakh crore in wealth as the market capitalisation of BSE-listed companies rose to Rs 269.4 lakh crore, according to provisional exchange data.

Adani Ports, Bajaj Auto, Hero MotoCorp, PowerGrid, Titan and Mahindra & Mahindra were among the top blue-chip gainers.

On the other hand, ONGC, Apollo Hospitals, Axis Bank, Hindalco and Maruti Suzuki were the worst hit among the eight laggards in the Nifty50 pack.

Reliance, Infosys and Bajaj Finance were the biggest movers for both headline indices. The three contributed more than 350 points to the gain in the 30-scrip index.

Broader markets mirrored the strength in main indices. The Nifty Midcap 100 rose 1.6 percent and its smallcap counterpart 1.2 percent.

The India VIX -- known in market parlance as the fear index -- dropped 9.7 percent to settle at 19.2.

"We are in a very tricky phase in the market given the way the technicals are, the relentless selling by FIIs and the earnings season being quite mixed," Elixir Equities Director Dipan Mehta told CNBC-TV18. He advises a wait-and-watch approach in the market.

"Inflationary increases are impacting profitability and there are murmurs of demand being impacted as well. Global cues also are generally negative with what's happening in China... This entire year, the market will remain perhaps rangebound and stocks will do well very selectively," he said.

The Nifty Auto finished 2.8 percent higher, amid falling commodity rates. Bajaj Auto (up 5.4 percent), Hero MotoCorp (5.1 percent), Mahindra & Mahindra (3.9 percent) and Tata Motors (2.3 percent) led the gains in the basket. Maruti Suzuki edged 0.1 percent lower.

HDFC Life Insurance Company shares rose 1.7 percent after the life insurer's quarterly margin exceeded Street forecasts.

Bajaj Finance shares gained by Rs 241 or 3.4 percent to finish at Rs 7,250 apiece on BSE. The non-banking financial company is due to report its financial results later in the day.

The Hindustan Unilever stock climbed up 2.3 percent ahead of its earnings announcement on Wednesday.

In the midcap segment, Cholamandalam Investment, Apollo Tyres, Indiabulls Housing Finance and Motherson were the top gainers, and Atul, Laurus Labs, Astral and Ramco Cements the top losers.

Overall market breadth favoured the bulls, with an advance-decline ratio of 3:2 as 1,258 stocks rose and 824 fell on NSE.

ALSO READ: FIIs sold $5 billion worth Indian shares for 6th straight month

Global markets

European shares bounced back from the previous day's losses on the back of strong earnings from UBS and Maersk. The pan-European Sotxx 600 index was up 0.9 percent at the last count.

S&P 500 futures were down 0.2 percent, suggesting a sluggish start ahead on Wall Street.

Most Asian markets moved higher but cautiously, barring China, whose strict COVID restrictions stoked concerns about global growth. The prospect of aggressive tightening by the Fed also limited risk appetite.

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First Published:Apr 26, 2022 3:33 PM IST