Sensex climb 750 points, Nifty above 16,425; IT stocks lead

The BSE Sensex and Nifty opened higher on Tuesday, tracking the rebound in other Asian shares, which had taken a beating on Monday due to the Omicron scare. The Sensex was up 752 points, or 1.34 percent, at 56,571.84 as of 10:20 a.m., while the NSE benchmark Nifty50 index was up 220.45 points, or 1.37 percent, at 16,422. Except for consumer durables, oil&gas, and healthcare stocks, most other sector indexes were up today, with IT and banking stocks leading the way.

Titan Company was the top gainer on the Nifty, up 2.43 percent, followed by Tata Steel and HCL Tech, both of which gained more than 2 percent. Other notable gainers in the Nifty50 pack of stocks included ICICI Bank, UPL, Hindalco, Tech Mahindra, Coal India, IndusInd Bank, Wipro, Larsen and Toubro, Tata Motors, SBI, NTPC, JSW Steel, Sun Pharma, Tata Consumer Products, and Grasim.

Only two of the 50 stocks in the Nifty were in the red: Axis Bank and Kotak Mahindra Bank. The broader indices also showed signs of buying.

On Monday Sensex fell 1,189.73 points, or 2.09 percent, to close at 55,822.01, while the Nifty fell 371.00 points, or 2.18 percent, to 16,614.20. Foreign portfolio investors (FPIs) sold shares worth Rs 3,565.36 crore in the cash segment on Monday, while they were net sellers worth Rs 1,850 crore in the futures and options segment. Domestic institutional investors paid cash for shares worth Rs 2,764 crore.

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