The BSE Sensex rose 273.27 points, or 0.45%, to 61,214.94 as its 21 constituents were trading in the green. file
Benchmark equity indices Sensex and Nifty gained nearly half a per cent each in early trade on Tuesday, tracking gains in IT and financial stocks amid positive global cues.
The 30-share BSE Sensex rose 273.27 points, or 0.45%, to 61,214.94 as its 21 constituents were trading in the green. The barometer opened strong at 61,122.20 and touched a high of 61,266.06 in morning trade.
The broader Nifty at the National Stock Exchange rose 66.70 points, or 0.37%, to 18,185.25. It moved in a range of 18,156.55 to 18,201.25 in morning deals.
Tata Motors, HDFC Bank, HCL Tech, Asian Paints, Infosys, Bajaj Finserv, Tech Mahindra, IndusInd Bank, Bajaj Finance, HDFC and Maruti were major gainers in the Sensex pack.
Whereas, Power Grid, UltraTech Cement, Bharti Airtel, Tata Steel and Axis Bank declined.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “A key trend in the global equity market now is the outperformance of the mother market US, raising expectations of a soft landing for the US economy and the markets are reacting to it.”
The S&P 500 is up 5.12% so far in January.
“Tech heavy Nasdaq is up 8.5 per cent and this is good news especially for Indian IT companies, which are now likely to do well. The positive sentiments are also conducive for a pre-Budget rally,” Mr Vijayakumar said.
After the overnight rally in the US markets, the Asian markets also gained momentum. Tokyo’s Nikkei 225 index rose 1.72% while Hong Kong’s Hang Seng index rose 1.82%.
The S&P 500 rose 1.2% in the US, led by tech companies. The Dow Jones Industrial Average was higher 0.8%, while the tech-heavy Nasdaq Composite closed up 2%.
Foreign institutional investors (FIIs) were net sellers in the capital market on Monday as they sold shares worth Rs 219.87 crore, according to exchange data.