Equity benchmark Sensex advanced over 150 points in opening trade on Tuesday tracking gains in index majors Infosys, HDFC Bank and TCS, despite weak cues from global markets. The 30-share BSE index was trading 182.55 points or 0.45 per cent higher at 40,614.15, and the broader NSE Nifty rose 47.30 points or 0.40 per cent to 11,920.35.
HCL Tech was the top gainer in the Sensex pack, surging around 3 per cent, followed by L&T, M&M, Tech Mahindra, Maruti, TCS, Asian Paints, Infosys and HDFC Bank. On the other hand, ONGC, Nestle India, SBI, ICICI Bank and IndusInd Bank were among the laggards.
In the previous session, Sensex ended 448.62 points or 1.12 per cent higher at 40,431.60. The broader NSE Nifty surged 110.60 points or 0.94 per cent to finish at 11,873.05. Exchange data showed that foreign institutional investors bought equities worth Rs 1,656.78 crore on a net basis on Monday.
Buying in specific index-heavyweight stocks lifted benchmark indices despite negative cues from global markets, traders said. According to Arjun Yash Mahajan, Head Institutional Business at Reliance Securities, major financial services and insurance (BFSI) stocks may see some amount of consolidation at these levels before making any further direction.
”US equities witnessed selling pressure as increasing possibility of no agreement on fiscal stimulus program before election and rise in COVID-19 cases weighed on investors’ sentiments, he said. Following suit, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals.
Meanwhile, international oil benchmark Brent crude was trading 0.82 per cent lower at USD 42.27 per barrel.
