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Sensex Today: Key benchmark indices saw a gap-up opening on Tuesday amid strong global cues. Key indices Nifty50 climbed over 20 points to trade above 18,500 levels, whereas the S&P BSE Sensex advanced over 100 points to trade at 62,231 levels.
Broader markets, meanwhile, outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 rose up to 0.5 per cent.
Barring Nifty FMCG index, all sectors swimmed in a sea of green. Nifty PSU Bank, Nifty Media, Nifty Metal indices gained up to 0.9 per cent.
Among individual stocks, shares of Jaiprakash Associates gained over 4 per cent after the company’s cement assets were sold to Dalmia Cement, subsidiary of Dalmia Bharat for Rs 5,666 crore.
Besides, shares of BGR Energy soared over 12 per cent after the company bagged Rs 330 crore order from Indian Oil Corporation.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The two macroeconomic data which came yesterday have significant implications for the market. The CPI inflation for November at 5.88 % is below the RBI’s upper tolerance limit. This is good news. But the bad news is that the Index of Industrial Production (IIP) shows a contraction of 4 % in October. Taken together these two macro data suggest that the MPC is likely to refrain from further rate hikes. Even though this is a market, positive weakness in manufacturing suggests that it can impact corporate earnings, going forward. Since there is no room for further PE expansion, this will put a cap on the market rally. In the very near term, however, the market will be swayed by the US inflation data due today and the Fed action tomorrow. US inflation is likely to trend down lifting market sentiments.”
Global Cues
Globally, all major averages in the US markets clocked solid gains overnight as investors await the inflation report. Dow Jones, NASDAQ Composite, and the S&P 500 closed above 1 per cent in trade.
Asia-Pacific markets, however, were mixed as Nikkei 225, the S&P 200, and Topix indices added up to 0.4 per cent. Hang Seng, Kospi, Kosdaq indices, on the other hand, lost up to 0.3 per cent.
On the commodities front, prices of Brent Crude climbed 0.8 per cent to $78 per barrel, whereas WTI Crude was up 0.9 per cent to $73 per barrel.
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