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Indian equity markets opened on a positive note on Tuesday, extending gains for the third consecutive session. Sensex rose over 247 points while Nifty crossed the 25,900 mark, supported by strong Asian cues and continued foreign fund inflows.
Sensex Rises Sharply in Early Trade as Global Cues Turn Positive
Mumbai: The domestic stock market opened with a strong opening on Tuesday, the second trading day of the week. Key indices Sensex and Nifty opened with gains for the third consecutive session, driven by positive global cues, a rally in Asian markets, and continued buying by foreign investors.
In early trade, the 30-share BSE Sensex rose 247.01 points, or 0.29 percent, to 84,312.76. Meanwhile, the NSE Nifty rose 80.25 points, or 0.31 percent, to trade at 25,947.55. Buying sentiment was seen in major blue-chip stocks.
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Despite the stock market rally, the Indian rupee fell 11 paise to 90.77 against the US dollar in early trade. The dollar's strength and global uncertainties weighed on the rupee in the foreign exchange market.
Among the Sensex stocks, Eternal, Titan, Axis Bank, NTPC, Tata Consultancy Services, Sun Pharmaceuticals, PowerGrid, Maruti Suzuki, Mahindra & Mahindra, L&T, Bharat Electronics Limited, Reliance Industries, Bharti Airtel, and Tata Steel were trading with gains.
Meanwhile, shares of Bajaj Finance, HCL Technologies, Asian Paints, Indigo, State Bank of India, and HDFC Bank were under pressure.
Japan's Nikkei 225, Hong Kong's Hang Seng, and South Korea's Kospi indices were trading with gains in Asian markets, while China's Shanghai Composite remained largely stable. Earlier on Monday, US stock markets also saw a significant rise.
Sensex surges, Nifty climbs higher in strong market opening; Details here
In the global market, Brent crude oil fell 0.28 percent to $68.85 per barrel. Meanwhile, according to exchange data, foreign institutional investors purchased shares worth ₹2,254.64 crore on Monday.
According to experts, investors are now focused on the US January employment data and CPI inflation data, which could play a key role in determining the direction of the Federal Reserve's interest rate policy in the future.