Domestic stock markets opened Tuesday’s session with positive gains in Asian stocks in hopes of recovering from the damage to the global economy from the coronovirus epidemic. The S&P BSE Sensex index opened the day at 148,404 points at 38,904.67 in the first few minutes of trading to touch 0.57 percent – or 221.12 points – 38,977.75. The broader NSE Nifty 50 benchmark climbed to a high of 11,500.00, up 0.52 percent – or 59.95 points – from a previous close of 11,487.05 to strengthen at 11,487.20.
At 9:23 am, the Sensex traded at 173.52 points – or 0.45 percent – at 38,930.15, while the Nifty was at 52.90 points – or 0.46 percent – at 11,492.95.
Titan, Grasim, UPL, Sun Pharma and Adani Ports were trading between 1.15 per cent and 1.35 per cent higher, topping 50 stocks of Nifty.
On the other hand, Kotak Mahindra Bank, IndusInd Bank, Shree Cement, Eicher Motors and HCL Tech were the worst affected among the 11 backward witnesses in the index, falling 0.45 per cent and 1.10 per cent.
Reliance Industries, HDFC and Tata Consultancy Services (TCS) were the biggest gainers in the Sensex with the index contributing over 70 points in profit.
Official data released after market hours on Monday showed that consumer inflation in the country fell to 6.69 per cent in August from 6.73 per cent in the previous month, but it was still below the RBI’s medium-term target of 4- 6 percent more. At that time, the expectation of monetary easing was dashed by the central bank.
Asian stocks rose substantially on Tuesday, amidst optimism surrounding a potential COVID-19 vaccine, awaiting investors’ economic data and central bank meetings.
MSCI’s largest index of Asia Pacific shares outside Japan was last seen 0.61 percent higher, but Japan’s Nikkei 225 benchmark was down 0.62 percent. At that time China’s Shanghai Composite Barometer increased by 0.28 percent, while Hong Kong’s Hang Seng and South Korea’s KOSPI indices were up 0.59 percent and 0.47 percent, respectively.
E-mini S&P 500 futures were up 0.16 percent, signaling a positive start for Wall Street on Tuesday, a day after the benchmark US index rose 1.27 percent, signifying a surge in technology stocks. While there were signs of progress in developing COVID. -19 Vaccine.