Indian equity benchmarks opened sharply higher on Tuesday, tracking strong gains in global markets overnight. The S&P BSE Sensex rose 397 points to 71,752 in early trade, while the Nifty 50 index climbed 119 points to 21,631.
Gains were broad-based, with all sectoral indices trading in the green. The IT index was the top performer in early deals, rising 1.5%.
Positive global cues drove sentiment after the US markets closed higher overnight, with the tech-heavy Nasdaq index rallying 2.2%. Earlier in Asia, Japan’s Nikkei and South Korea’s Kospi also posted strong gains.
In the Sensex pack, IT majors like Wipro, TCS, HCL Tech, Tech Mahindra, and Infosys along with L&T were among the prominent gainers. On the flipside, Nestle, Asian Paints, Maruti, and HDFC Bank saw some profit booking.
The broader markets also joined the rally, with BSE Midcap and Smallcap indices rising around 1% each. Among individual stocks, Bajaj Auto surged over 5% after announcing a share buyback worth ₹2,500 crore.
Markets had declined sharply in the previous session, with Sensex falling 671 points and Nifty settling 198 points lower as recession worries resurfaced globally. Tuesday’s move seems to suggest traders are using dips to accumulate quality stocks on declines.
Sustained FII buying has also supported domestic sentiment recently. Given the positive start, Indian indices may extend gains although rising crude oil prices and persistent FII selling at higher levels could induce some volatility.
