Mumbai: Equity benchmark Sensex surged over 500 points in opening commerce on Tuesday monitoring beneficial properties in index majors HDFC twins, ICICI Bank and Reliance Industries amid blended cues from international markets.
The 30-share BSE index was buying and selling 509.07 points or 1.01 per cent greater at 50,950.14, and the broader NSE Nifty was quoting 149.35 points or 1 per cent up at 15,105.55.
HDFC Bank was the highest gainer in the Sensex pack, rising round 2 per cent, adopted by ExtremelyTech Cement, Bajaj Finance, HDFC, M&M, Tech Mahindra and Asian Paints.
On the opposite hand, ONGC and PowerGrid had been the laggards.
In the earlier session, Sensex settled 35.75 points or 0.07 per cent greater at 50,441.07, and Nifty ended greater by 18.10 points or 0.12 per cent at 14,956.20.
Foreign institutional traders had been web sellers in the capital market as they offloaded shares value Rs 1,494.49 crore on Monday, as per alternate knowledge.
“Rising crude costs, surge in bond yields in the US and weakening INR could possibly be a near-term threat for home equities, which has already resulted in FPIs’ outflow in latest days.
“However, we continue to believe that the recent rise in bond yield is discounting a faster recovery in economic growth and this is unlikely to move northward beyond a point,” stated Binod Modi Head-Strategy at Reliance Securities.
In the US, equities ended on a blended observe in in a single day commerce on Monday. “Clearly, US markets are being driven by anticipations of faster economic recovery led by aggressive fiscal spending and faster reopening of the economy, which may also stoke inflation,” Modi added.
Elsewhere in Asia, bourses in Hong Kong and Tokyo had been buying and selling on a optimistic observe in mid-session offers, whereas Shanghai and Seoul had been in the purple.
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Meanwhile, the worldwide oil benchmark Brent crude was buying and selling 0.94 per cent greater at USD 68.88 per barrel.Â
