Sensex surges 320 points while Nifty around 15,930 in early trade

Sensex rose 328 points in opening trade on Tuesday, with advances in index mainstays Infosys, Bajaj Finserv, and ICICI Bank amid broadly favourable Asian markets.

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The benchmark 30-share BSE index rose 328 points to 53,562.83 in the initial minutes of trading after a strong start. The Nifty rose 99.7 points to 15,935.05.

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Power Grid, Bajaj Finserv, Tech Mahindra, NTPC, Tata Steel, Infosys, ICICI Bank, and State Bank of India were among the Sensex pack’s early gainers. ITC and Larsen & Toubro were the pack’s laggards.

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Markets in Tokyo, Seoul, and Hong Kong were all up, while Shanghai was down somewhat. On Monday, the US markets were closed for a holiday.

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The BSE index gained 326.84 points, or 0.62%, in the previous session to close at 53,234.77 on Monday. The Nifty rose 83.30 points, or 0.53%, to settle at 15,835.35.

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According to exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Monday, selling shares worth Rs 2,149.56 crore.

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According to preliminary government statistics issued on Monday, India’s merchandise exports increased by 16.78% year on year to USD 37.94 billion in June, but the trade imbalance increased to a record USD 25.63 billion due to a dramatic spike in gold and crude oil imports.

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Meanwhile, the international oil benchmark Brent crude fell 0.1% to USD 113.49 per barrel. The rupee fell 9 paise to 79.04 per dollar in early trade on Tuesday, pushed down by continued foreign funds outflow.