Sensex jumps over 300 points in early trade; Nifty above 17,300

Equity benchmark Sensex surged over 300 points in early trade on Tuesday, following gains in index majors HDFC, Maruti Suzuki and ICICI Bank amid a largely positive trend in global equity markets.

Mumbai: Equity benchmark Sensex surged over 300 points in early trade on Tuesday, following gains in index majors HDFC, Maruti Suzuki and ICICI Bank amid a largely positive trend in global equity markets. Besides, a fall in international crude prices supported the market sentiment, traders said.

The 30-share BSE barometer was trading 317.22 points higher at 57,910.71. Similarly, the broader NSE Nifty gained 93.45 points to 17,315.45. From the 30-share pack, UltraTech Cement, HDFC, Asian Paints, Bharti Airtel, Maruti Suzuki and ICICI Bank were the lead gainers. On the other hand, ITC, Tata Steel and NTPC were among the laggards.

In the previous trade, the BSE barometer climbed 231.29 points or 0.40 per cent to settle at 57,593.49. The NSE Nifty recovered 69 points or 0.40 per cent to 17,222. Elsewhere in Asia, bourses in Tokyo, Seoul and Hong Kong trading in the green, while Shanghai quoted marginally lower during mid-session deals. Stock exchanges in the US ended with gains on Monday. Meanwhile, international oil benchmark Brent crude declined 1.30 per cent
to USD 111.02 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 801.41 crore on Monday, according to stock exchange data. "US equities ended higher after a choppy session, despite fears of the FED increasing interest rates... The fall in crude prices supported market rally across economies. The Nasdaq Composite jumped 1.31 per cent, the Dow Jones Industrial Average increased 0.27 per cent while the S&P 500 climbed 0.71 per cent," said Mitul Shah, Head of Research at Reliance Securities.

PTI