Mumbai: Equity benchmark Sensex surged over 500 points in opening session on Tuesday led by gains in index heavyweights Reliance Industries, HDFC twins and Infosys amid recovery in global equities.
After hitting a high of 29,316.80, the 30-share BSE barometer was trading 505.20 points or 1.78 per cent higher at 28,945.52. Similarly, the NSE Nifty gained 248.25 points at 8,529.35.
Top gainers and losers
Tata Steel, HDFC, Axis Bank, M&M, Reliance Industries, ONGC, ITC, HCL Tech and Titan rallied up to 3 per cent.
On the other hand, IndusInd Bank plunged up to 15 per cent. Bajaj Finance, Bajaj Auto and Maruti were also among the laggards.
In the previous session, the 30-share BSE barometer ended 1,375.27 points or 4.61 per cent lower at 28,440.32, and the broader Nifty fell 379.15 points, or 4.38 per cent, to close at 8,281.10.
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Foreign institutional investors (FIIs) turned net sellers in the capital market, as they offloaded equity shares worth Rs 4,363.61 crore on Monday, according to provisional exchange data.
According to traders, despite concerns over the rising number of COVID-19 cases in the country and the economic fallout of the nationwide lockdown, investors are value-buying during each dip.
Global Market
On the global front, bourses in Shanghai were trading on a positive note after China's manufacturing sector steadily resumed production after the COVID-19 shutdown, with 98.6 per cent of the major industrial firms nationwide having restarted work.
Stocks in Hong Kong, Tokyo and Seoul were also trading significantly higher.
Benchmark exchanges on Wall Street rallied over 3 per cent in overnight trade.
Rupee vs Dollar
Meanwhile, the Indian rupee appreciated 10 paise to 75.48 against the US dollar in morning trade.
Oil prices rebound strongly from 18-year lows
Oil prices rebounded strongly in Asian trade a day after falling to 18-year lows, as investors took heart from moves by policymakers to support the coronavirus-hit global economy.
US benchmark West Texas Intermediate jumped 7.3 percent to $21.5 a barrel while Brent crude, the international benchmark, was up 3.3 percent at $23.5 a barrel.
In New York on Monday, prices struck their lowest levels since 2002, with WTI briefly falling below $20.
Oil markets have plunged as governments across the planet introduce lockdowns to stem the spread of the virus, hammering demand for the commodity.
(Input from agencies)
