E-Paper
Sensex jumps over 260 points to top 50,600 in early trade; Nifty nears 15,000-level
The rise in the markets comes a day after Sensex tanked 1,035.71 points during the day in the backdrop of macroeconomic data and an upward trend in Covid-19 cases in the country.
Domestic indices opened on a positive note with BSE Sensex climbing over 150 points to top 50,500 and the broader Nifty nearing the 15,000-level on Tuesday. At 10:18am, the 30-share Sensex was up 261.46 or 0.52% to trade at 50,656.54 while the wider Nifty jumped 61.50 or 0.41% to 14,986.30 14,991.
Asian Paints, Titan, UltraTech Cement, Bharti Airtel, Infosys, Reliance Industries and M&M were the top gainers in the Sensex pack whereas IndusInd Bank, Axis Bank, SBI, ICICI Bank were among laggards.
The rise in the markets comes a day after Sensex tanked 1,035.71 points during the day in the backdrop of macroeconomic data and an upward trend in Covid-19 cases in the country. On Monday, the wholesale price-based inflation rose for the second month in a row in February to 4.17% on the back of increased food, fuel, and power prices. Sensex ended 397 points or 0.78% lower at 50,395.08 and NSE Nifty slumped 101.45 points or 0.67% to close at 14,929.50.
"We are now in a highly volatile phase where the market swings on a daily basis, responding to major triggers. The major trigger now is the US bond yield which has the potential to move huge money," VK Vijayakumar, chief investment strategist at Geojit Financial Services, told PTI.
Vijayakumar said that two consecutive days of institutional selling weaken the domestic market, adding that it is not a directional trend. "Post the Federal Open Market Committee (FOMC) meet and a possible affirmation of the dovish stance by the Fed, the market may resume its upward move. Presently top quality financials present a buying opportunity," he was quoted as saying by PTI.
On the global front, indices in Shanghai, Hong Kong, Tokyo and Seoul too were trading on a positive note in mid-session deals and US equities also ended with gains in the overnight session. Meanwhile, the global oil benchmark Brent crude was trading 0.83% lower at $68.31 per barrel.
