Sensex snaps losing run, gains 283 points in morning trade

MUMBAI: The domestic markets gained and moved up on Tuesday morning, tracking strong cues from global markets. Though retail inflation data revealed on Monday breached the Reserve Bank of India's upper tolerance band, it didn't dampen investors' sentiment on Tuesday.

Financial and IT stocks led the rally in the market. BSE Sensex went up 283 points to 60,714.56 and Nifty gained 66 points to 17,837.25 on Tuesday morning.

Among the most active stocks that gained on Tuesday morning were NFL, Mirza International, Aegis Logistics, Ratnamani and UPL. All Cargo, JP Power, Sparc, Eki Energy Services and Rattanindia Enterprises were among the laggards.

Shares of Adani Enterprises were down 4.64 per cent to Rs 1,637.90 apiece, Adani Ports declined 0.89 per cent to Rs 548.75 apiece, Adani Green lost 5 per cent to Rs 653.65 apiece while Adani Wilmar went down 5 per cent to Rs 393.40 apiece on Tuesday morning.

In Asian markets, Japan's Nikkei surged 150 points, Hong Kong's Hang Seng rose 53 points, China's Shanghai went into negative territory, FTSE went up 8 points while S&P ASX surged 13 points on Tuesday morning.

In American markets, Dow Jones ended with 376 points, Nasdaq Composite went up 174 points, NYSE Composite gained 141 points while S&P/BMV jumped 569 points.

In European markets, Amsterdam Exchange, Deutsche Borse and CAC 40 were trading in the green, FTSE gained 94 points, Madrid went up 8 points while IBEX 35 was also trading in the positive territory while Asian markets opened on Tuesday morning.

Retail inflation in India, which came out yesterday, again breached RBI's upper tolerance band in the month of January 2023, with the Consumer Price Index pegged at 6.52 per cent, government data released on Monday showed.

The retail inflation in rural and urban India was 6.85 per cent and 6.00 per cent, respectively. Among groups, cereals and products, eggs, spices, among others, contributed to the elevation in retail inflation in January.

India's retail inflation, based on Consumer Price Index, during the month of December was at 5.72 per cent, versus 5.88 per cent in November and 6.77 per cent during October.

India's retail inflation was above RBI's six per cent target for three consecutive quarters and had managed to fall back to the RBI's comfort zone only in November 2022.