Sensex rises over 500 points, Nifty above 17,100; IndusInd Bank, HDFC, Tech Mahindra top gainers

Indian market opened higher today amid mixed global cues. Sensex rose 530  points to 57,595 and Nifty climbed 154 points to 17,137. IndusInd  Bank, HDFC, Tech Mahindra, HCL Tech and Maruti were among the top Sensex gainers, rising up to 3.21% in early trade.

Dr Reddy's was the top Sensex loser, falling 0.78 per cent, followed by NTPC and Sun Pharma. Of the 30 Sensex shares, 23 were trading higher. BSE mid-cap and small-cap indices rose 34 points and 30 points, respectively.

On the sectoral front, banking, auto and IT stocks led the gains today. BSE bankex climbed 484 points to 41,263, BSE auto index gained 325 points to 24,315 and BSE IT index rose 317 points to 34,699.

Gaurav Garg, Head of Research, Capitalvia Global Research said, "Markets opened on a bullish note, boosted by better-than-expected macroeconomic data and advances in other Asian markets, as well as a drop in crude oil prices. Global markets are concerned with the increase in inflation which has largely impacted the sentiments globally. Our research suggests that 17,000 will be an important support level for the market to stay positive. If the market sustains above the level of 17,200, we can expect the market to extend the rally till the level of 17,600."

The market breadth was positive with 1,761 shares trading higher against 1,281 stocks in the red. 146 shares were unchanged. Market cap of BSE-listed firms stood at Rs 258.65 lakh crore.

Equity market ended lower in volatile trade on Tuesday led by losses in banking, metal and auto shares.

Sensex closed 195 points lower at 57,064 and Nifty lost 70 points to end at 16,983. Tata Steel was the top Sensex loser, shedding 3.87 per cent, followed by Kotak Bank, Bajaj Auto, M&M, Bharti Airtel, Reliance Industries, IndusInd Bank and Maruti.

Foreign institutional investors (FIIs) sold shares worth Rs 5,445 crore on November 30, and domestic institutional investors (DIIs) bought shares worth Rs 5,350 crore, as per provisional data available on NSE.

Global markets

Australia's S&P/ASX 200 was trading 16 points lower at 7,239. Nikkei  rose 225 points to 28,047 and Shanghai Composite was trading flat at 3,566. Hang Seng index zoomed 336 points to 23,810. On Wall Street, the S&P 500 ended 88 points lower at 4,567, the Nasdaq lost 245 points to 15,537 and the Dow Jones fell 652 points to 34,483.