Sensex, Nifty drift higher in early trade

Equity indices saw gap-up opening and traded with strong gains in early trade on buying demand in index pivotals. The Nifty traded above the 17,150 level.

At 9:22 IST, the barometer index, S&P BSE Sensex rallied 667.1 points or 1.18% at 57,246.13. The Nifty 50 index added 197.05 points or 1.16% at 17,151.

The broader market traded with gains. The S&P BSE Mid-Cap index rallied 1.34% while the S&P BSE Small-Cap index surged 1.28%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1496 shares rose while 328shares fell. A total of 60 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,302.85 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,870.45 crore in the Indian equity market on 25 April, provisional data showed.

As per reports, the much-awaited initial public offering of the Life Insurance Corporation of India (LIC) is likely to open on 4 May 2022 and close on 9 May 2022. The government is likely to price LIC IPO at Rs 950-1,000 per share. By seeking Rs 21,000 crore from the proposed IPO, the government targets a valuation of Rs 6 trillion for the insurer.

Stocks in Spotlight:

Lemon Tree Hotels rose 0.85%. The company has signed a license agreement for a 60 room hotel at Kharar, near Chandigarh under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by November, 2025.

Bank of India rose 2.15%. The bank said its board of directors considered and approved the capital raising plan upto Rs.2,500 crores by issue of fresh equity capital in the form of QIP / FPO / preferential issue.

Global Markets:

Asian markets were trading higher on Tuesday as investors are set to closely watch market reaction to COVID fears in China as Beijing expands mass testing.

Wall Street rose on Monday, with the Nasdaq ending sharply higher after Twitter agreed to be bought by billionaire Elon Musk, sparking a late day rally in growth stocks.

Twitter jumped roughly 5.7% after the social media company announced it accepted billionaire Elon Musk's buyout deal valued at about $44 billion.

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