Sensex surges over 1000 points, Nifty rises by 320 points in early trade

Indian equity indices recovered in opening trade on Tuesday after sliding the previous session, owing to favourable trends in global financial markets. In early trade, the Sensex rose 1,028.28 points to 57,817.09. The Nifty gained 320.3 points to 17,207.65.

Also Read| Avenue Supermarts shares surge 4% after standalone revenue rises 35.8% YoY

IndusInd Bank, Bajaj Finance, Larsen & Toubro, State Bank of India, Axis Bank, ICICI Bank, HDFC, Tata Consultancy Services, Tata Steel, and Bajaj Finserv were the early Sensex pack winners. Power Grid dropped in price.

Also Read| Oil prices rise ahead of OPEC+ meeting to discuss supply cuts

All the Asian markets are trading in green with Nikkei 225 surging 730.16 points or 2.79% to 26,945.95, Straits Times rising 26.95 points or 0.87% to 3,134.04, Taiwan Weighted climbing 271.47 points or 2.04% to 13,571.95, KOSPI increased 50.83 points or 2.36% to 2,206.32 and Jakarta Composite was up by 49.96 points or 0.71% to 7,059.68.

Also Read| India’s manufacturing PMI cools to 55.1 in September from 56.2 in August

The US markets concluded significantly higher on Monday. The S&P 500 advanced 92.81 points, or 2.6%, to 3,678.43. The Dow Jones Industrial Average climbed 765.38 points, or 2.7%, to 29,490.89. The Nasdaq surged 239.82 points, or 2.3%, to 10,815.43. The Russell 2000 index of smaller companies rose 44.15 points, or 2.7%, to 1,708.87.

Also Read| SEBI tightens IPO disclosure norms, approves dividend payout reforms

The Sensex had slipped 638.11 points or 1.11% to settle at 56,788.81 on Monday. The Nifty dropped by 207 points or 1.21% to close at 16,887.35.

Also Read| India’s April-August fiscal deficit at Rs 5.41 lakh crore

According to statistics available with the NSE, domestic institutional investors sold shares worth a net Rs 423.16 on Monday while foreign institutional investors acquired shares worth Rs 590.58 crore.

Also Read| Explained: Impact of MPC meeting on stock market

Meanwhile, Brent crude futures rose 0.53% to 89.33 a barrel. In early trade on Tuesday, the rupee rose 31 paise to 81.51 against the dollar, reflecting a weakening in the greenback in global markets and a surge in local shares.