BENGALURU, Jan 9 Reuters India39;s Nifty 50 and Sensex rose on Tuesday, led by a jump in Bajaj Auto after it approved a share buyback, while IT and stateowned bank stocks rebounded after a drop in the previous session.

The bluechip NSE Nifty 50 rose 0.48 to 21,617.40 points, while the SP BSE Sensex added 0.46 to 71,673.82, as of 949 a.m. IST.

Twelve of the 13 major sectors logged gains, with 42 of the Nifty 50 stocks advancing.

Shares of Bajaj Auto jumped as much as 5.94 in early trade to hit a record high. The automaker approved a proposal to buy back shares worth up to 40 billion rupees 481.47 million at a premium of more than 43 to its last close.

IT stocks added 1, reversing the previous session39;s losses. Public sector banks, which dropped 2.52 on Monday on concerns over earnings outlook, recouped some of the losses as well, adding 0.5.

There is a lot of liquidity coming in, as seen from mutual fund data for December, which is positive for markets, said Avinash Gorakshakar, head of research at Profitmart Securities.

Inflows into Indian equity mutual funds rose in December, led by smallcaps, while net assets topped 50 trillion rupees for the first time, mutual fund data showed on Monday.

The Nifty 50 seems capped at near22,000 levels after the rally in November and December, with future moves likely to be earningsdriven and stockspecific, added Gorakshakar.

Media stocks fell 2.75. Top constituent Zee Entertainment Enterprises lost 9 after Bloomberg reported…