Sensex and Nifty opened slightly up and very quickly extended gains in the early trade on Tuesday following an upsurge in the US markets. The benchmark index Sensex gained as much as 155.55 points to hit the day’s high at 33,515.45 while the broader Nifty 50 jumped 41.5 points to mark the day’s high at 10,340.25. The value buying in the blue-chip shares such as Reliance Industries, Bharti Airtel, Tata Steel, Yes Bank led the key indices into the green. BSE Sensex gained 78.38 points or 0.23% to open at 33,438.28 whereas NSE Nifty added 30.5 points or 0.3% to begin at 10,329.25.
Shares of Tech Mahindra, Reliance Industries, Bharti Airtel, Tata Steel, Yes Bank, Zee Entertainment gained up to 2.3% while Coal India, Power Grid, L&T, Axis Bank lost up to 1.3%. The stocks of heavyweight companies like RIL, HDFC Bank, Infosys, Kotak Mahindra Bank, Bharti Airtel contributed the most to the Sensex. Collectively these five stocks alone added about 110 points to the index while ITC and L&T capped the gains. The Indian rupee firmed up 5 paise to 65.06 against the dollar today.
The logistics sector has been granted infrastructure status which will help it access loans on easier terms, encourage manufacturing in the country and help improve economic growth, the government said on Monday. The cost of logistics in India is very high compared to developed countries and the sector’s development will provide a boost to domestic as well as external demand, encouraging manufacturing and job creation, it said.
Meanwhile, among the regional markets, Japan’s benchmark Nikkei 225 rose 1% to 22,488.38 in morning trading, while the Kospi in South Korea added 0.1% to 2,530.64, Hong Kong’s Hang Seng rose 0.9% to 29,522.24, Australia’s S&P ASX 200 climbed 0.3% to 5,962, the Shanghai Composite index surged 0.7% to 3,414.57.
US stocks rose on Monday, with Verizon boosting the telecoms sector after the stock got an upgrade, while a deal in semiconductors lifted high-performing tech shares, Reuters reported. The Dow Jones Industrial Average rose 72.09 points or 0.31% to 23,430.33, the S&P 500 gained 3.29 points or 0.13% to 2,582.14 and the Nasdaq Composite added 7.92 points or 0.12% to 6,790.71.