Indian equity benchmarks made a comeback with marginal gains to rebound from two-month lows in opening trade on Tuesday. Gains in consumer, auto, and financial stocks lifted the benchmarks higher, despite weakness across global markets amid inflation concerns.

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NSE

The 30-share BSE Sensex started the session 161.36 points or 0.2 percent higher at 54,309.31 while the broader Nifty50 opened at 16,248.90, up 0.3 percent from its previous close.

Asian Paints, Hindustan Unilever, Bharti Airtel, Bajaj Auto, Eicher Motors, Maruti Suzuki, Mahindra and Mahindra, Kotak Bank, and Divis Lab were the top gainers in the Nifty pack, rising 0.8 to 1.9 percent in early deals.

ONGC, Hindalco, Apollo Hospitals, Coal India, Cipla, JSW Steel, Infosys, Titan and Reliance were among the laggards on the blue-chip index, having slipped 1 to 3.9 percent.

Broader markets also moved higher, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising 0.5-1 percent in early deals.

Asian Paints shares was leading the gains in both Sensex and Nifty pack. The stock was up almost 2 percent on NSE ahead of the company’s quarterly earnings announcement that is due later in the day.

In the previous session, the headline scrips hit fresh two-month closing lows with concerns about rising interest rates and the impact of a tightening lockdown in Shanghai on global growth dampening the sentiment on Dalal Street.

Global markets

Asian shares fell to their lowest in nearly two years on Tuesday, as investors fretted about the toxic cocktail of rising interest rates and lower economic growth.

Growing fears of recession and a slowdown in China dragged down commodity-linked currencies and oil prices, though safety flows kept the dollar near 20-year highs.

MSCI's broadest index of Asia-Pacific shares ex-Japan tumbled as much as 2.3 percent to 515.7, sliding for a seventh straight session and extending losses to 18% so far this year. The benchmark later pared losses to trade down 1.3 percent.

The Nikkei lost 0.9 percent, Australian shares shed 1.3 percent, Korean stocks lost 1.2 percent and Taiwan equities were down 0.3 percent.

US stocks too ended the overnight session in red. The Dow Jones Industrial Average fell 1.99 percent, the S&P 500 lost 3.2 percent and the Nasdaq Composite dropped 4.2 percent