Mumbai: Equity Benchmark Sensex surged more than 200 points in early trading on Tuesday led by profits in the TCS, Maruti and Bajaj Finance index amid a major global trend.
The 30-stock index traded 228.13 points or 0.38 percent higher at 60,366.59 in the initial transaction.
Similarly, Nifty rose 73.50 points or 0.41 percent to 18,003.15.
NTPC is the top enhancer in the sensex package, up about 3 percent, followed by Maruti, Powergrid, Bajaj Finance, Bajaj Finserv, Hul and Titan.
On the other hand, Sun Pharma, Indusin Bank, Tech Mahindra, Tata Steel and Bank Box are among sluggish.
In the previous session, the 30-stock index ended 831.53 points or 1.40 percent higher at 60,138.46, and Nifty rose 258 points or 1.46 percent to 17,929.65.
Foreign institutional investors (FIIS) are clean sellers in the capital market, because they lowered shares worth Rs 202.13 Crore on Monday, according to data exchange.
“The surge in 258 points in Nifty on Monday, despite the massive selling by Fiis for several days, has again proved that FII’s sales can only affect the market in the short term,” said V K Vijayakumar, Head of Investment Strategy in Geojit Financial Services.
Retail and Dii enthusiasm received fundamental support from positive economic data such as the GST Collections record (RS 1.3 Lakh Crore in October), PMI at 55.9 in October and the results of Q2 were better than expected, he said.
Furthermore, important events that can affect the financial market globally are the Federal Open Market Committee (FOMC) meeting starting that day.
“The Fed is expected to be widely expected to announce the tapered bond purchase program starting this month.
More importantly than the announcement of the tapering, which has been discounted by the market, will be a Fed’s response to inflation and the possibility of signals on interest rates.” If an indication of an increase in the level earlier than the estimate comes from the FOMC meeting, which can be negative for the market.
Otherwise, the market can continue to be resilient, “Vijayakumar said.
Elsewhere in Asia, the stock exchange in Shanghai and Tokyo traded with losses in the middle session agreement, while Hong Kong and Seoul were positive.
The stock market in the US also ended with an increase overnight session.
Meanwhile, Brent Crude’s international oil benchmark rose 0.15 percent to $ 84.84 per barrel.
Sensex surged more than 200 points in early trade; Nifty tops 18k.
