Sensex opened 300 points up on a sustained decrease in fresh Covid-19 cases on Tuesday.
The BSE benchmark tracked gains in index majors HDFC twins, SBI, and ICICI Bank amid mixed global market indications. The 30-share index was up 310.72 points, or 0.61 per cent, to 50,851.20, while the NSE Nifty was up 71.90 points, or 0.47 per cent, at 15,247.20.
PowerGrid led the Sensex pack with a rise of more than 2 per cent, trailed by SBI, L&T, HDFC Bank, Maruti, Axis Bank, and Dr Reddy's. Titan, M&M, IndusInd Bank, and HUL, on the other side, were among the losers.
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According to provisional exchange data, foreign institutional investors (FIIs) were net buyers in the capital market on Friday, purchasing shares worth Rs 510.16 crore.
Markets broke out of a two-month consolidation trend, gaining more than 3 per cent last Monday.
Ajit Mishra, VP Research at Religare Broking, stated that signs of Covid cases peaking out, combined with positive global signs, bolstered sentiment.
“We expect volatility to remain high next week due to the scheduled derivatives expiry of May month contracts. Besides, participants will be closely eyeing the Covid-related updates as the reduction in the cases has raised hopes of gradual unlocking by the states,” he noted.
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India recorded a single-day rise of 2,22,315 Covid-19 infections which is the lowest in around 38 days. The death toll crossed 3-lakh mark with 4,454 fresh fatalities. The number of active cases has dropped to 27,20,716. The national Covid-19 recovery rate has increased to 88.69 per cent.
This dip in infections, followed by a strong American currency overseas and rising crude prices have led the Indian currency, the rupee, to fall by 4 paise to 72.87 against the US dollar in early trade on Monday.
Forex traders claimed that the rupee's slide was limited by a strong trend in domestic equity markets and foreign fund inflows.
The domestic unit opened lower at 72.88 against the US dollar on the interbank foreign exchange, recovering some ground to quote 72.87 in early trades, down 4 paise from its previous finish.
The rupee soared 29 paise to an eight-week high of 72.83 against the US dollar on Friday.
The dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.03 per cent to 90.03.
Brent crude, the international oil benchmark, was up 0.65 per cent to $66.78 a barrel.
In other Asian markets, Shanghai and Tokyo bourses were trading on a positive note in mid-session trades, while Hong Kong and Seoul were lower.
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