Sensex rallies over 400 pts in opening session; Nifty tops 9,100

Equity benchmark Sensex rallied over 400 points in early trade on Tuesday led by gains in index-heavyweights HDFC twins, ITC and Reliance Industries amid positive cues from global markets. After touching a high of 31,086.70 in opening session, the 30-share index was trading 373.67 points or 1.22 per cent higher at 31,046.26.

Similarly, NSE Nifty surged 108.70 points or 1.20 per cent to 9,147.95. ITC was the top gainer in the Sensex pack, rallying over 4 per cent, followed by IndusInd Bank, HDFC Bank, Tata Steel, Titan, UltraTech Cement and L&T. On the other hand, Bharti Airtel, TCS, Hero MotoCorp and Infosys were among the laggards. In the previous session on Friday, the BSE barometer ended 260.31 points or 0.84 per cent lower at 30,672.59, while the broader Nifty settled 67 points or 0.74 per cent down at 9,039.25.

Foreign portfolio investors offloaded equities worth Rs 1,353.90 crore in the capital market on Friday, provisional exchange data showed. Markets were closed on Monday for 'Id-Ul-Fitr'. Besides stock-specific action, domestic investors were enthused by positive cues from global markets as lockdown restrictions eased world over, traders said.

According to Ajit Mishra, VP - Research, Religare Broking, markets may see some respite this week due to oversold positions, especially in the banking space, but sustainability would be tough at the higher levels. Further, volatility will prevail as COVID-19 cases spike in the country, he added. The number of coronavirus cases in India climbed to 1,45,380 and the death toll touched 4,167, as per health ministry data.

Globally, the number of cases linked to the disease has crossed 54.95 lakh. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading significantly higher. International oil benchmark Brent crude futures were trading 1.29 per cent higher at USD 35.99 per barrel.