The domestic financial markets remained closed on Monday due to Holi.
The equity benchmark Sensex gained over 500 points in early trade on Tuesday, tracking gains in the index major HDFC twins, HUL and ICICI Bank, among the largely positive signals from Asian companies.
The 30-share BSE index was up 510.31 points or 1.04% to trade at 49,518.81, and the broader NSE Nifty rose 162.70 points or 1.12% to 14,670.
HUL was over 3% in the SENSEX pack, followed by Titan, NTPC, ONGC, Dr. Reddy’s, Nestle India, PowerGrid, HDFC Twins and ICICI Bank.
On the other hand, M&M was the only one alone.
The domestic financial markets remained closed on Monday for Holi.
On Friday, the Sensex rose 568.38 points or 1.17% to 49,008.50 and the Nifty climbed 182.40 points or 1.27% to 14,507.30 points in the previous session.
Foreign Institutional Investors (FIIs) were net sellers in the capital market as they closed shares worth 3 50.13 crore as per exchange data on Friday.
Traders said that the market opened on a positive note after receiving positive signals from Asian markets on Tuesday.
A sharp drop in FIIs coupled with large purchases by domestic institutional investors (DIIs) can support the market and even take it higher.
“But there are many concerns such as an increase in COVID-19 cases, especially in economically significant Maharashtra, with US 10-year bond yields appreciating above 1.7% and the dollar index rising to 92.8 levels,” V.K. Vijaykumar, Chief Strategist said. Geojit Financial Services.
Elsewhere in Asia, bouncers in Shanghai, Hong Kong and Seoul were trading on a positive note in mid-season deals, while Tokyo was in the red.
Stock exchanges on Wall Street ended last week with losses in overnight trading amid the impact of default by US-based hedge funds on margin calls.
Meanwhile, global oil benchmark Brent crude was trading up 0.18% at $ 65.04 a barrel.
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