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"The market movement will be determined largely by earnings growth and not by multiples which have re-rated all through last year."

After falling just 1% earlier in the day, the interest rate sensitive technology sector bounced back and brought the broader indexes with it. Technology-laden Nasdaq closed up 1.4% marking its biggest daily gain so far this year.

The state-run insurer plans to file the draft IPO prospectus in the week starting Jan. 31, which will provide the embedded value of LIC as well as the number of shares on offer, the people said, asking not to be identified as the deliberations are private.

In another transaction, Way2Wealth Brokers sold 124,492 shares of Sungold Capital.

Benchmark indices climbed higher for the third consecutive day on Tuesday ahead of Q3 earnings announcements by IT heavyweights. Investors believe the earnings season will come with a positive surprise. The 30-share pack Sensex rose 221.26 points or 0.37 per cent to close at 60,7616.89. Its broader peer NSE Nifty climbed 52.45.80 points or 0.29 per cent to 18,055.75.

Options data does not present any clear picture, the maximum Call OI has shifted higher to 18,500 levels

News reports, citing the police, have said the industrial chemical that leaked on January 5 was allegedly collected from Hikal in Taloja of Maharashtra. Hikal management clarified that the leak did not come from the tanker that was from Hikal.

Tata Teleservices on Tuesday said it will convert the interest on deferred AGR dues into equity shares, giving the central government a 9.5 per cent stake in the firm. The interest comes out to be Rs 850 crore as per the company’s estimates.

In the international market, gold was trading with gains at USD 1,809 per ounce and silver was flat at USD 22.63 per ounce.

Corporate profitability, as defined by the earnings before interest, taxes, depreciation and ammortisation (Ebitda) margin, likely dropped 100-120 basis points (bps) on-year and 70-100 bps sequentially in the third quarter ended December 31, 2021, Crisil’s analysis of 300 companies indicates.