Sensex Rallies Over 300 Points, Nifty Reclaims 10,800 Mark
The biggest gainers were Yes Bank, Reliance, Infosys, Bajaj Auto, Asian Paints, ONGC, Bajaj Finance, SBI and TCS
Representative image of Sensex.
Mumbai: The BSE benchmark Sensex on Tuesday rallied over 300 points tracking positive cues from other Asian markets amid heavy buying by domestic institutional investors.
Market sentiment was also upbeat after government data revealed that retail inflation dropped to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month.
The 30-share index jumped by 328.44 points, or 0.92 per cent, to 36,182 in early trade.
Similarly, the NSE Nifty reclaimed the 10,800 mark by rising 93.65 points, or 0.87 per cent, to 10,831.25.
On Monday, after a volatile session, the Sensex had settled at 156.28 points, or 0.43 per cent, down at 35,853.56, while the Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60.
In morning session on Tuesday, the biggest gainers in the Sensex pack were Yes Bank, Reliance, Infosys, Bajaj Auto, Asian Paints, ONGC, Bajaj Finance, SBI and TCS, surging up to 2 per cent.
While, Bharti Airtel was the only loser in the index, down 0.44 per cent.
According to analysts, quarterly numbers and management commentary from India Inc will be keenly watched by market participants, and will play a crucial role in further upside.
Besides positive cues from other Asian markets, investor mood was boosted by encouraging macroeconomic numbers released on Monday.
Retail inflation declined to an 18-month low of 2.19 per cent in December 2018 mainly on account of sliding prices of fruits, vegetables and fuel.
Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December.
Additionally, US-China trade war, rising crude oil prices, foreign fund outflow and the upcoming general elections will keep the market volatile in the short term, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.
On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 732.46 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 527.49 crore, provisional data available with BSE showed.
The rupee, meanwhile, was trading flat against the US dollar at 70.91.
The benchmark Brent crude futures rose 1.17 per cent to USD 59.68 per barrel.
Globally, elsewhere in Asia, Japan's Nikkei jumped 0.91 per cent, Hong Kong's Hang Seng was up 1.90 per cent, Kospi rose 1.54 per cent and Shanghai Composite Index was trading 0.96 per cent higher in early trade.
On Wall Street, however, Dow Jones Industrial Average ended 0.36 per cent lower at 23,909.84 points on Monday.
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