Sensex rises over 100 points to trade above 60,600; Nifty tops 18,100
Equity benchmark Sensex jumped over 100 points in early trade on Tuesday, tracking gains in index-heavyweights ICICI Bank, Infosys and L&T, despite a weak trend in Asian markets and sustained foreign fund outflows.
In early deals, the 30-share index was trading 118.07 points or 0.20 per cent higher at 60,663.68. Similarly, Nifty rose 36.45 points or 0.20 per cent to 18,105 amid high volatility.
IndusInd Bank, Bajaj Auto, L&T and TCS were the top gainers in the Sensex pack, rising over 2 per cent over M&M. On the other hand, Nestle India, HDFC Bank, PowerGrid, HDFC and Asian Paints were among the laggards.
In the previous session, the Sensex was up 477.99 points or 0.80 per cent at 60,545.61 and the Nifty was up 151.75 points or 0.85 per cent at 18,068.55.
Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 860.65 crore on Monday, according to exchange data.
VK Vijayakumar, Chief VK Vijayakumar said, “Investors need to remember the fact that this bull run is global with India outperforming. In the mother market US, the S&P 500 is up 25 per cent YTD and in India the Nifty is up 29 per cent. ” Investment Strategist at Geojit Financial Services.
The correlation between markets globally is very high. Therefore, a correction is also likely to be global. He said there are currently no visible triggers for improvement. In the previous session, DII buying of Rs 1,912 crore led to FII selling of Rs 861 crore.
According to him, as long as this trend continues, the market will remain resilient despite the high valuations.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals. Major indices on Wall Street ended the overnight session marginally positive.
Meanwhile, international oil benchmark Brent crude fell 0.10 per cent to $83.35 a barrel.
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