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Key indices stage smart rebound after initial hiatus

Weak global cues weighed on sentiment in first hour of session; Later, Sensex, Nifty firm up as IT, financial shares rally

Markets open on a negative note

Markets open on a negative note

Gains For 3rd Session

- BSE Sensex ended 221.26 pts higher at 60,616.89

- NSE Nifty gained 52.45 pts to 18,055.75

- HCL Tech top gainer

- HDFC, Tech Mahindra, TCS, RIL, Sun Pharma and SBI up

- Tata Steel, Bajaj Fin, ITC, Asian Paints, Kotak Bank, Dr Reddy's and IndusInd Bank among the laggards

- Asian bourses largely saw mild to heavy selling

- Investors turned cautious amid rising Omicron cases in China

- European indices trading in the green in mid-session deals

Mumbai: Continuing its winning run for the third consecutive session, the BSE benchmark Sensex added another 221 points to revisit the 60,500-level on Tuesday, propped up by buying mainly in IT and financial shares. After early hiccups, the 30-share benchmark remained poised throughout the session and went on to hit the day's high of 60,689.25. It finally ended 221.26 points or 0.37 per cent higher at 60,616.89. Likewise, the NSE Nifty gained 52.45 points or 0.29 per cent to finish at 18,055.75.

HCL Tech topped the Sensex gainers' chart with a leap of 4.30 per cent, followed by HDFC, Tech Mahindra, TCS, RIL, Sun Pharma and SBI. On the other hand, Tata Steel, Bajaj Finance, ITC, Asian Paints, Kotak Bank, Dr Reddy's and IndusInd Bank were among the laggards, dropping up to 3.32 per cent.

"Domestic benchmark indices showcased a flattish trend with positive bias as the market weighed the expectations of a strong quarter amid concerns over rising cases, supply issue and inflationary pressure. Global market was on the edge as Fed meeting minutes hinted at rate hikes, elevated US inflation and the awaited release of US CPI inflation data. Domestic inflation levels are also likely to be significant due to unfavourable base effect though food prices have declined during December," said Vinod Nair, head (research) at Geojit Financial Services.

Ajit Mishra, V-P (research), Religare Broking Ltd, adds: "Initially, weak global cues were weighing on sentiments, however, resilience in IT majors boosted the benchmarks. We're in the fourth week of rebound and now all eyes are on the earnings of three IT majors -- Infosys, TCS and Wipro for cues. We reiterate our positive yet cautious view on markets and suggest focusing more on sector/stock selection."

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