Sensex, Nifty surge 0.5% in early trade
Indian shares rose for a third straight session on Tuesday, led by gains in financial and information technology sectors, while Tata Group stocks climbed after a report that Walmart may buy a stake in the conglomerate’s new digital platform.
The broader NSE Nifty 50 index rose 0.5% to 11,277.8 and the S&P BSE Sensex climbed 0.5% to 38,176.86 by 0345 GMT. Both the indexes have risen nearly 4% in the past two sessions.
Walmart Inc is in talks with Tata Group for an investment of up to $25 billion in the Indian salt-to-software conglomerate’s new “super app”, Mint newspaper reported.
Shares of Tata Consultancy Services, Tata Motors and Tata Steel gained more than 1% each, with TCS being the top boost to the Nifty 50 index.
Meanwhile, Asian markets largely opened higher, building on newfound momentum after bargain hunters helped a recovery in U.S. markets in the wake of last week’s selloff.