Sensex rallies 1109 pts, Nifty above 15,670 mark on positive global signals

The headline equity indices marched higher in the afternoon trade, tracking positive global cues. The Nifty hovered above the 15,650 mark. Buying was wide spread. PSU banks, consumer durables and media shares rallied. Shares surged on value buying after a recent steep correction.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 1,108.98 points or 2.15% to 52,706.82. The Nifty 50 index gained 326.65 points or 2.13% to 15,676.80.

In the broader market, the S&P BSE Mid-Cap index rose 2.05% while the S&P BSE Small-Cap index gained 2.60%.

The market breadth was strong. On the BSE, 2436 shares rose and 791 shares fell. A total of 125 shares were unchanged.

Titan Company (up 5.97%), Hindalco Industries (up 4.70%), JSW Steel (up 4.50%), SBI (up 4.27%) and Tata Motors (up 3.58%) were top Nifty gainers.

Apollo Hospitals Enterprise was down 0.18%. It was the sole loser in the Nifty pack.

Global Shares:

The Dow Jones futures were up 421 points, indicating a robust opening in the US stocks today.

Shares in Europe and Asia advanced on Tuesday, as global markets appear to be staging a comeback rally after a tumultuous week last week.

South Korea`s central bank on Tuesday said it expects inflation will be higher than earlier projected and that it would closely assess debt repayment burdens to determine whether a half-percentage point interest rate hike in July was appropriate.

Meanwhile, Australia`s central bank says inflation will peak by the end of the year. The Reserve Bank of Australia governor Philip Lowe said in a speech that he expected inflation in Australia to peak at around 7% by the end of the year as pandemic-related supply chain disruptions resolve.

Markets in the U.S. were closed on Monday, 20 June 2022, for Juneteenth National Independence Day holiday.

Investors will monitor incoming data, including existing home sales on Tuesday, to gauge the health of the economy. Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank`s biggest increase since 1994.

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