Stock Market Update: Sensex, Nifty 50 rose nearly 2 percent as LIC created shares

Rising for the second consecutive session, Indian markets were trading positively amid neutral global signals. Both benchmark indices – Sensex and Nifty 50 – are trading about 2 percent higher, with heavy buying in metals, banks and financial stocks lifting on Tuesday.

At around 12:10 PM, the BSE Sensex was up 939 points or 1.77 percent at the 53913-mark, while the Nifty 50 was up about 289 points or 1.8 percent at the 16131 level. Consistent with the frontline indicators, the broader market – Nifty Mid-Cap 100 and Small-Cap 100 – rose 1.1 percent and 1.4 percent, respectively.

The metals index rose about 4.5 percent amid expectations of a revival of Chinese demand and price buying. Metal heavyweights such as Hindalco, Tata Steel and JSW Steel rose 8 percent each intraday, while bank and financial stocks also contributed to overall market growth on Tuesday.

At 12:15 PM the Nifty50 had 4 stocks advanced and 6 fell Hindalco, Coal India, ONGC, JSW Steel and Tata Steel were the top gainers. At least the top 10 gainers on the Nifty are trading intraday at 3-8 percent.

In contrast, Sipler shares plunged nearly 2 per cent into the otherwise positive market, then Tata Consumer fell more than 1.5 per cent. HDFC Life, Sun Pharma, M&M and Power Grid are other weak stocks in positive markets today.

In the primary market, Life Insurance Corporation of India (LIC) shares opened at around 9% discount on BSE and NSE on Tuesday. They are listed at Rs 867 per share on the BSE and Rs 872 per share on the NSE, as against the issue price of Rs 949 per share in the upper band.

Minutes after the listing, the stock traded up more than 6 percent intra-day on the BSE, at Rs 920 per share. It is trading at Rs 890 per share, up 2.5 per cent at 12:23 PM, compared to the 1.76 per cent rise in the S&P BSE Sensex.

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