Indices edge higher; strong market breadth

The domestic equity benchmarks traded with strong gains in early trade on buying demand in index pivotals. Asian stocks are trading higher.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 322.24 points or 0.56% to 57,742.48. The Nifty 50 index added 98.35 points or 0.58% to 17,184.60.

Among the Nifty 50 stocks, ONGC (up 1.97%), Eicher Motors (up 1.25%), Adani Ports (up 1.22%), Axis Bank (up 1.21%) and Bajaj Finance (up 1.05%) were the top index gainers.

Meanwhile, Cipla (down 0.46%), Dr. Reddy`s Laboratories (down 0.20%) and Hero MotoCorp (down 0.15%) fell.

In the broader market, the S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index gained 0.98%.

The market breadth was strong. On the BSE, 2147 shares rose and 425 shares fell. A total of 58 shares were unchanged.

Stocks in Spotlight:

RBL Bank rose 2.73% to Rs 144.75. The bank announced the signing of the agreement with Bajaj Finance for the extension of the partnership of co-branded credit cards for a period of 5 years to December 2026.

Shyam Metalics and Energy added 2.75% to Rs 328.25. The company announced 20% increase in sponge iron manufacturing capacity, boosting from 1.39 MTPA to 1.67 million tonnes per annum.

Maharashtra Seamless gained 2.96% to Rs 518.40. The company has bagged Rs 150.70 crore orders from PSU companies for supply of ERW and seamless pipes.

Global Markets:

Asian stocks are trading higher on Tuesday after the S&P 500 notched yet another record close on Wall Street overnight. Markets in Australia are closed on Tuesday for a holiday.

U.S. stock indexes rose Monday as markets reopened after the Christmas holiday and investors assessed the spread of the omicron Covid-19 variant. The S&P 500 index ended at a record high.

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