The Indian equity benchmarks edged higher on Tuesday tracking upbeat global cues in the absence of domestic triggers. The Sensex rallied 477.24 points or 0.83 per cent higher at 57,897.48, while the Nifty 50 index surged 147 points or 0.86 to settle at 17233.25. Asian Paints, Sun Pharma, UltraTech Cement were among the top gainers.
Supriya Lifescience shares made a strong debut on Tuesday, December 28, amid positive market sentiment. Shares of the Mumbai-based active pharmaceuticals ingredients (API) manufacturer opened on the BSE at ₹ 425 apiece – a premium of 55.1 per cent or Rs 151 higher than the issue price of Rs 274. On the NSE, Supriya Lifescience shares were listed at ₹ 421 apiece – a premium of 53.7 percent.
India’s benchmark 10-year bond yield rose to its highest level since April last year as investors grew cautious of the heavy government debt pipeline, rise in global oil prices, and lack of direct support from the central bank.
Traders said the absence of a new 10-year bond as part of the papers on sale at the upcoming debt auction on Friday also weighed on sentiment as the outstanding stock on the existing benchmark is already at ₹ 1.48 trillion.