Indian equity benchmarks registered mild gains flat start on Tuesday amid mixed moves across global markets, as investors digested hawkish remarks from Fed officials days after a better-than-expected US inflation reading backed optimism of an early an to the current cycle of rising interest rates. Buying interest in financial and auto shares supported the gains on Dalal Street though selling pressure in IT names limited the upside.

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NSE

Both headline indices rose as much as 0.3 percent in the first few minutes of trade. The Sensex gained 158.9 points to touch 61,783 at the strongest level of the day so far, and the Nifty50 climbed to as high as 18,378.2, up 49 points from its previous close.

A total of 37 stocks in the Nifty50 basket began the day in the green. ICICI Bank, ONGC, ITC, HDFC Bank and Asian Paints were the top gainers.

Sun Pharma, Britannia, Mahindra & Mahindra, Titan and NTPC — rising around half a percent each — were some of the other blue-chip stocks that rose the most.

ICICI Bank, HDFC Bank and SBI were the biggest boost for both main gauges.

On the other hand, Coal India was the top laggard, down 5.2 percent. PowerGrid, HCL Tech, Infosys, and TCS — falling around half a percent each — were among the other blue-chip stocks that declined the most.

"The strongest tailwind for equity markets globally is the peaking of inflation in the US and the possibility of a slower pace of rate hikes. In tune with this trend, Indian CPI too eased in October. The decline in crude to $92 a barrel is another positive. All these can take the Nifty to a new record," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Sustained buying by the FIIs is supporting this trend. Some profit booking may be considered in midcap and smallcap stocks, which have run up on good results," he said.

Overall market breadth favoured the bulls, as 1,680 stocks rose and 1,257 fell in early deals on BSE.

Global markets

Equities in other Asian markets staged strong moves, shrugging off overnight losses on Wall Street, with MSCI's broadest index of Asia Pacific shares outside Japan holding up 1.9 percent at the last count. Japan's Nikkei 225 was up 0.1 percent.

S&P 500 futures were up 0.4 percent. On Monday, the three main US indices finished around one percent lower each.

First Published:Nov 15, 2022 9:33 AM IST