Greenery returns to stock market; Sensex rises 800 points, Nifty crosses 23700
New Delhi| Equity benchmark indices Sensex and Nifty rose in early trade on Tuesday due to price-buying at lower levels as well as buying in blue-chip stocks Reliance Industries and Tata Consultancy Services. Strong global trends and continued buying by domestic institutional investors also boosted the market.
BSE Sensex rose 591.19 points to 77,930.20 in early trade. Whereas NSE’s Nifty increased by 188.5 points to reach 23,642.30 points. Shortly after the start of trading, Sensex was seen trading beyond 800 points, while Nifty crossed the 23700 level.
Of the 30 Sensex stocks, Mahindra & Mahindra, Adani Ports, Tata Motors, Infosys, Tata Consultancy Services, UltraTech Cement, Tech Mahindra and Reliance Industries had the highest gains. Bajaj Finserv and Kotak Mahindra Bank lagged behind. Foreign institutional investors (FIIs) sold shares worth Rs 1,403.40 crore on Monday, while domestic institutional investors (DIIs) bought shares worth Rs 2,330.56 crore, according to exchange data.
In Asian markets, Seoul, Tokyo and Hong Kong gained momentum while Shanghai recorded a decline. American markets closed with mostly gains on Monday. Brent crude, the global oil benchmark, rose 0.26 percent to $73.49 a barrel.
The 30-share BSE Sensex had fallen 241.30 points, or 0.31 per cent, to close at 77,339.01 for the fourth consecutive day on Monday. Nifty had closed at 23,453.80, down 78.90 points, or 0.34 per cent, for the seventh consecutive day with a decline.
The rupee rose two paise to 84.40 against the US dollar in early trade on Tuesday amid a recovery in domestic stock markets and weakening of the US currency against major Asian rivals. However, foreign exchange traders said sustained withdrawal of foreign funds and rise in crude oil prices put pressure on the local currency and curbed its sharp rise.
