The Indian market advanced higher on Tuesday afternoon led by strong buying in bluechips amid positive global cues. The BSE Sensex surged 245 points, or 0.68 percent, to trade at 35,744 at 1.05 pm. The Nifty reclaimed 10,700, trading at 10,712, up 71 points, or 0.67 percent.

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Broader indices outperformed their frontline peers, with both the Nifty MidCap index and the BSE MidCap index rising above a percent.

BSE Realty was leading among 38 advancing sectors, while BSE IT slipped the most among 5 declining sectors.

ICICI Bank, Vedanta, BPCL, M&M, Indian Oil Corp, Vedanta, Bharti Airtel and State Bank of India gained within a range of 2-4 percent. NTPC, Infosys, Tata Consultancy Services, Tech Mahindra, Indiabulls Housing Finance, IndusInd Bank and Hindustan Unilever fell by up to 2.5 percent.

Emami shares

rose after promoters sold a 10 percent stake in a block deal for about Rs 1,600 crore. The stake sale will be utilised to pare promoter debt, which was used in the creation of assets like cement and solar power, among others.

Shares of real estate companies are up on Tuesday after a state ministerial panel favoured uniform GST rate of 18 percent or 28 percent for the industry. The final decision will be taken and addressed by the GST Council tomorrow.

The currency and debt markets are closed on Tuesday for a local holiday and trading would resume on Wednesday. The rupee weakened by 11 paise to end 71.34 against the US dollar on Monday amid firming crude oil prices and persistent foreign fund outflows.

On Monday, the benchmark 10-year bond yield ended at 7.37 percent, up 0.14 percent from its Friday’s close. Money market was shut on account of Chatrapati Shivaji Maharaj Jayanti.

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