Sensex rallies over 500 points in early trade
Equity benchmark Sensex rallied over 500 points in early trade on Tuesday, tracking gains in index majors HDFC twins, HUL and ICICI Bank amid largely positive cues from the Asian peers. The 30-share BSE index was trading 510.31 points or 1.04 percent higher at 49,518.81, and the broader NSE Nifty surged 162.70 points or 1.12 percent to 14,670.
Who were the top gainers and losers?
HUL was the top gainer in the Sensex pack, rising over 3 percent, followed by Titan, NTPC, ONGC, Dr. Reddy's, Nestle India, PowerGrid, HDFC twins, and ICICI Bank. On the other hand, M&M was the sole laggard.
Sensex surged 568.38 points, finished at 49,008.50 in previous session
Domestic financial markets were closed on Monday for Holi. In the previous session on Friday, the Sensex surged 568.38 points or 1.17 percent to finish at 49,008.50, and Nifty climbed 182.40 points or 1.27 percent to 14,507.30. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs. 50.13 crore on Friday, as per exchange data.
Several concerning factors might affect the market today
The market opened on a positive note on Tuesday. The decline in FII selling coupled with large buying by domestic institutional investors can support the market. "But there are concerns like surge in COVID-19 cases, appreciation in US 10-year bond yield above 1.7 percent and the dollar index moving up to 92.8 levels," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Brent crude was trading at $65.04 per barrel
Elsewhere in Asia, bourses in Shanghai, Hong Kong, and Seoul were positive in mid-session deals, while Tokyo was in the red. Wall Street ended with losses in overnight trade amid worries over the impact of a default by a US-based hedge fund on margin calls last week. Meanwhile, the global oil benchmark Brent crude was trading 0.18 percent higher at $65.04 per barrel.
