Sensex Rises Over 500 Points, Nifty Touches 9,450 Tracking Gains In Global Markets

Investors awaited January-March earnings from large cap companies such as ICICI Bank due this week for domestic cues, according to analysts.

Sensex Rises Over 500 Points, Nifty Touches 9,450 Tracking Gains In Global Markets

Reliance Industries, HDFC Bank, HDFC and ICICI Bank contributed nearly 200 points to the gain in Sensex

Domestic stock markets rose more than 1 per cent in early trade on Tuesday, a day after falling nearly 6 per cent to log their worst day in six weeks following the extension of a 40-day lockdown to curb the spread of the coronavirus (COVID-19) pandemic. The S&P BSE Sensex index rose as much as 1.73 per cent - or 548.65 points - to touch 32,264.00 in the first hour of trade, after starting the session up 467.55 points at 32,182.90. The broader NSE Nifty 50 benchmark climbed to as high as 9,450.90, having started the day at 9,429.40 compared to its previous close of 9,293.50.

However, the markets trimmed early gains amid cooling off buying interest across sectors. At 9:36 am, the Sensex traded 360.18 points - or 1.14 per cent - higher at 32,075.53 while the Nifty was up 105.80 points - or 1.14 per cent - at 9,399.30.

In the 50-scrip Nifty basket, 46 stocks moved higher at the time. Top percentage gainers in the index were ONGC, Zee Entertainment, Bharti Infratel, Mahindra & Mahindra, UPL and Bharat Petroleum, trading between 2.86 per cent and 6.07 per cent higher.

Reliance Industries (up 1.35 per cent), HDFC Bank (1.59), HDFC (1.65 per cent) and ICICI Bank (1.73 per cent) contributed a gain of nearly 200 points to the Sensex.

Investors awaited January-March earnings from large cap companies such as ICICI Bank due this week for domestic cues, according to analysts.

Share markets elsewhere in Asia largely moved higher following a rebound in Wall Street. MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading up 0.40 per cent.

Hong Kong's Hang Seng was up 0.47 per cent while South Korea's KOSPI index was down 2.84 per cent. Japan and mainland China markets are closed for public holidays.

Overnight in the US, the tech-heavy Nasdaq Composite index ended 1.2 per cent higher, while the S&P 500 and the Dow Jones Industrial Average indices rose 0.42 per cent and 0.11 per cent respectively.

Futures on major US, Hong Kong and Australian indices were up about 0.3 per cent in early Asia trade. Futures for the S&P 500 were up 0.1 per cent and the Australian S&P/ASX 200 futures up 0.32 per cent. Hong Kong's Hang Seng index futures rose 0.24 per cent.

Crude oil prices rose as much as 5 per cent after countries announced they would began easing coronavirus lockdowns and crude supply cuts took effect.

On Monday, the NSE Nifty 50 index had shed 566.40 points - or 5.74 per cent - to end at 9,293.50, its worst day in six weeks, and the S&P BSE Sensex benchmark tumbled 2002.27 points (5.94 per cent) to settle at 31,715.35, tracking losses in global stocks.

MSCI's gauge of stocks across the globe shed 0.69 per cent on the same day, while emerging market stocks lost 3.14 per cent.