Sensex jumps over 300 points, Nifty tops 19,800; KIOCL, JK Tyre & CEAT jump up to 13%

Indian equity benchmarks traded higher in Tuesday's early trade, led by gains in banks, financials, metals and automobile shares. The 30-share BSE Sensex pack rose 307 points or 0.46 per cent to trade at 66,474, while the NSE Nifty moved 88 points or 0.45 per cent up to trade at 19,820. Broader market (mid- and small-cap) shares were positive as Nifty Midcap 100 climbed 0.37 per cent and small-cap gained 0.38 per cent.

On the global front, Wall Street equities closed higher overnight as investors embarked upon the first full week of earnings while keeping a close eye on the Israel-Hamas conflict. Asian markets opened higher today. Brent crude futures steadied below $90 per barrel on hopes that the US would ease sanctions on Venezuela.

Back home, foreign institutional investors (FIIs) sold shares worth Rs 594 crore on a net basis during the previous session. Domestic institutional investors (DIIs) bought shares worth Rs 1,184 crore.

14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Niftu Metal and Nifty Auto were outperforming the NSE platform by rising as much as 0.63 per cent, 0.73 per cent, 0.59 per cent and 0.40 per cent, respectively.

On the stock-specific front, HDFC Life Insurance was the top gainer in the Nifty pack as the stock jumped 1.88 per cent to trade at Rs 641.9. Tata Consumer Products, Power Grid, BPCL and Tata Steel gained up to 1.75 per cent.

In contrast, L&T, Maruti, UPL, Tata Motors and ONGC were among the top laggards.

The overall market breadth was positive as 2,425 shares were advancing while 921 were declining on BSE.

The overall market breadth was positive as 2,425 shares were advancing while 921 were declining on BSE.

On the 30-share BSE index, index heavyweights such as HDFC Bank, ICICI Bank, ITC, Infosys, Bajaj Finance, Reliance Industries and Airtel were among the top gainers.

Also, KIOCL, JK Tyre, CEAT and ITI jumped up to 13.19 per cent. On the flipside, Dalmia Bharat, Trident, Lodha, KPIT Tech and Finolex Cables slipped up to 3.67 per cent.

Nifty outlook

"Consistent trades above 19,730 gave us the signal to be positive yesterday, but momentum was not strong enough to clear the 19,800-19,840 region. The turn lower thereof in the closing hour, prompts us to start the day on a neutral state. While a 20,020 move will need a 19,840 break first, ability to float above 19,745 could lend a positive bias. But as maintained yesterday, positivity can evaporate quickly should we get back below 19,650s again," said Anand James, Chief Market Strategist at Geojit Financial Services.

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