Indian equity benchmarks continued their northward journey during late morning trade on Tuesday buoyed by across-the-board buying by investors after BJP’s resounding victory in the UP assembly elections, which gives it room for adding more representatives in the Rajya Sabha.
At 11:17 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 29,447.98 up by 501.75 points or 1.73 per cent while the NSE Nifty was at 9,081.95 up by 147.4 points or 1.65 per cent.
Besides, traders keenly awaited the wholesale price inflation (WPI) data for February which is scheduled to be released later in the day, too influenced sentiment at D-Street.
Buying momentum was witnessed mainly in the capital goods and banking sector stocks.
The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 286.70,+5.97%), Larsen & Toubro Ltd. (Rs. 1555.45,+4.26%), Housing Development Finance Corporation Ltd. (Rs. 1419.30,+3.41%), ITC Ltd. (Rs. 270.00,+2.56%), Asian Paints Ltd. (Rs. 1052.00,+2.15%), among others.
Major show spoilers were Coal India Ltd. (Rs. 299.10,-5.51%), Bharti Airtel Ltd. (Rs. 361.70,-0.85%), Lupin Ltd. (Rs. 1445.00,-0.10%), among others.
The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2699 shares traded, 1779 advanced while 764 shares declined and 156 remained unchanged.
On the global front, Asian markets were trading mixed ahead of the US Fed meeting on March 14-15 to decide on interest rate hike.