Market Updates: Sensex Surges Over 1,300 Points In Early Session, Nifty Above 8,400

Equity benchmark Sensex rallied over 1,300 points in early trade on Tuesday led gains in bank, IT and auto stocks amid recovery in global equities. After hitting a high of 28,963.25, the 30-share BSE barometer was trading 1,127.57 points or 4.09 per cent higher at 28,718.52. Similarly, the NSE Nifty surged by 347.95 points, or 4.30 per cent, to 8,431.75.

IndusInd Bank was the top gainer in the Sensex pack, surging up to 15 per cent, followed by Mahindra and Mahindra, HCL Tech, ICICI Bank, Axis Bank and Infosys. On the other hand, Bajaj Finance was the sole loser.

In the previous session on Friday, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95 and the NSE Nifty shed 170 points, or 2.06 per cent, to finish at 8,083.80.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded equity shares worth Rs 1,960.97 crore, according to provisional exchange data.

Market was closed on Monday on account of Mahavir Jayanti'. Despite concerns over rising coronavirus cases in the country, domestic equities took positive cues from global stocks and turned positive, traders said.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 2 per cent. Benchmark exchanges on Wall Street ended over 7 per cent higher in overnight trade.

Brent crude futures, the global oil benchmark, rose 2.66 per cent to USD 33.93 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.

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The number of COVID-19 cases in India has stood at over 4,400 and the death toll was above 100, according to health ministry log. Global tally of the infections has crossed 13 lakh, with over 74,000 deaths.