Private lenders and Reliance Industries led the rise for domestic indices. At 10:39 am, the BSE Sensex was up 531.57 points or 1.06 per cent at 50,828.46. Nifty50 traded up 153.25 points or 1.03 per cent at 15,072.35, having hit a high of 15,070.90 earlier. Fear gauge India VIX eased 4.90 per cent to 22.45.
“From a technical perspective, Nifty50 has now entered Friday’s gap zone of 14,920-15,065 and it would be crucial to see the index move from here on. A move above the gap and the swing high of 15,177 will negate the recent lower-top, lower-bottom structure on the index,” said Sameet Chavan of Angel Broking.
Midcap and smallcap indices fare better than largecap peers, rising up to 0.9 per cent.
HDFC rose 1.46 per cent to Rs 2,602.30. SBI advanced 1.42 per cent to Rs 399.55. Larsen & Toubro added 1.24 per cent to Rs 1,504. ONGC, Axis Bank, Bajaj Finance, Power Grid, UltraTech Cement and Reliance Industries advanced over 1 per cent each.
Bajaj Auto fell 1.39 per cent to Rs 3,893.75. Maruti Suzuki, HCL Tech and M&M declined up to 0.9 per cent.
Data released earlier in the day showed China’s Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 51.5, the lowest since April, from 52 in January, but remained above the 50-mark that separates growth from contraction on a monthly basis.
The Mainland China market, as suggested by Shanghai Composite, was up 1.3 per cent. Japan’s Nikkei rose 0.26 per cent to 29,484.Hong Kong’s Hang Seng climbed 1.62 per cent to 29,567. Korea’s Kospi rose 0.72 per cent to 3,065.74.
In overnight trade, the S&P 500 fell 31.53 points to 3,870.29. The Dow Jones Industrial Average lost 143.99 points, or 0.5 per cent, to 31,391.52. The tech-heavy Nasdaq composite dropped 230.04 points, or 1.7 per cent, to 13,358.79.
Data showed foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 2,223 crore on Tuesday. DIIs were net sellers to the tune of Rs 854 crore, data suggests.
Meanwhile, all eyes were on the Rs 596 crore IPO by precision engineering company MTAR Technologies that hit the market today. On Tuesday, the company had raised Rs 178.92 crore from 15 anchor investors at Rs. 575 per share including Nomura Funds Ireland, Jupiter South Asia Investment, White Oak Capital and Goldman Sachs India.