Sensex Rises Over 100 Points, Nifty Trades Above 16,300; Auto, Consumer Goods Stocks Top Gainers

Indian equity benchmarks on Tuesday traded higher in opening deals led by gains in automobile and consumer goods stocks.

Asian shares tumbled to their lowest in nearly two years on the rising interest rate and lower economic growth worries, tracking an overnight sell-off in U.S. stocks.

Oil prices also ticked lower on demand worries as coronavirus lockdowns in China -- the top oil importer -- continued. Brent crude slipped 0.5 per cent to $105.4 a barrel today after falling 5.7 per cent on Monday.

Back home, the 30-share BSE Sensex climbed 106 points or 0.20 per cent to 54,577 in early trade, while the broader NSE Nifty moved 34 points or 0.21 per cent up to trade at 16,336.

Mid- and small-cap shares were positive as Nifty Midcap 100 gained 0.67 per cent and small-cap surged 1.05 per cent.

12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Nifty Auto and Nifty FMCG were outperforming the index by rising as much as 1.05 per cent and 1.06 per cent, respectively.

On the stock-specific front, Asian Paints was the top gainer as the stock rose 2.39 per cent to Rs 3,077.05. UltraTech Cement, Hindustan Unilever, Maruti and Britannia were also among the gainers.

The overall market breadth stood strong as 1,727 shares were advancing while 739 were declining on BSE.

On the 30-share BSE index, Asian Paints, HUL, UltraTech Cement, Maruti, M&M, Bharti Airtel, Nestle India, Kotak Mahindra Bank and SBI were among the top gainers.

In contrast, Infosys, Tata Steel, Reliance Industries, HCL Tech, Titan and Wipro were trading in the red.

Sensex had plunged 365 points or 0.67 per cent to close at 54,471 on Monday, while Nifty had moved 109 points or 0.67 per cent down to settle at 16,302.