Sensex recovers from losses in previous session, climbs over 450 points; Nifty above 17,450

The 30-share BSE Sensex index climbed 488.4 points to 58, 461.02 points in early trade, and the broader NSE Nifty-50 index advanced 154.55 points to 17,467.45 points. Bajaj Twins, IndusInd Bank, Axis Bank, Tata Steel, were among the top gainers while Reliance Industries and Bharti Airtel weighed on the indices.

ET Now Digital

Updated Aug 30, 2022, 10:04 IST

New Delhi: Domestic benchmark indices recovered in early trade on Tuesday from over three-week lows touched in the previous session. Both the indices plunged sharply with Sensex ending 861 points lower on Monday as ultra-hawkish tone of the Federal Reserve spooked investors globally.

Shares of Reliance were in the red a day after chairman Mukesh Ambani made several announcements during the 45th RIL AGM. Shares of Ashok Leyland gained 1 per cent after the automaker announced 6 new models for their LCV range.

Bajaj Finserv gained over 4 per cent while IndusInd Bank was up nearly 3 per cent. NDTV scrip hit the upper circuit limit, surging 5 per cent. The company's shares have been rising after Adani group's hostile takeover bid with the announcement of an open offer to acquire an additional 26 per cent stake.

All sectors traded in the positive zone in line with the indices. Nifty Media, Nifty Metal, and Nifty Energy indices jumped over 1 per cent each. Broader markets, on the other hand, outperformed benchmark indices as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.9 per cent.

In international markets, Asian stocks fumbled on Tuesday, driven by a decline in Hong Kong and muted sentiment due to the Fed's commitment to an extended period of restrictive monetary policy to combat inflation.

By mid-morning, the MSCI's broadest index of Asia-Pacific equities outside of Japan was down 0.4 per cent. In comparison, the Nikkei stock index in Japan increased by over 1 per cent, supported partly by renewed yen weakness.

US stocks closed lower on Monday, adding to last week's sharp losses on nagging concerns about the Federal Reserve's determination to aggressively hike interest rates to fight inflation even as the economy slows.

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