S&P BSE Sensex NSE Nifty LIVE COVID-19 Crisis Sensex Nifty Open Higher As Asian Shares Extend Gains

Sensex, Nifty Gain Over 1% As Financial, IT Stocks Boost Markets

Gains across sectors pushed the markets higher

Domestic stock markets rose on Tuesday, extending gains to a fifth straight day, tracking Asian equities as hopes for a COVID-19 vaccine and strong earnings momentum eclipsed fears over surging infections. The S&P BSE Sensex index jumped 1.35 per cent - or 504.39 points - to 37,923.38 at the strongest level recorded in early trade, after a gap-up opening at 37,823.61 (up 404.62 points). The broader NSE Nifty 50 benchmark climbed to as high as 11,164.45, having started the day stronger at 11,126.10 compared to its previous close of 11,022.20. Gains across sectors pushed the markets higher, led by banking, financial services and IT shares.

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At 9:43 am, the Sensex traded 467.42 points - or 1.25 per cent - higher at 37,886.41, while the Nifty was up 132.90 points - or 1.21 per cent - at 11,155.10.
Eicher Motors, ICICI Bank, Maruti Suzuki, Tata Motors and Wipro - trading between 2.64 per cent and 3.52 per cent higher - were the top percentage gainers among the 44 Nifty stocks that moved higher at the time.
On the other hand, Zee Entertainment and Bharti Infratel - down 1.07 per cent and 0.47 per cent respectively - were the top Nifty losers.
Shares in InterGlobe Aviation, which owns the country's biggest airline, IndiGo,rose as much as 1.67 per cent to Rs 987.55 apiece on the BSE following a flat opening, a day after the carrier announced a cut of 10 per cent in its workforce as it grapples with declining revenues due to the fallout from the COVID-19 pandemic.
Market breadth was highly positive, with an advance-decline ratio of more than 2:1, as 1,285 stocks on the BSE traded higher against 540 that succumbed to losses.
Analysts awaited more large cap companies to report their financial results for the April-June period. Axis Bank, Bajaj Finance and Hindustan Unilever are scheduled to report their results later in the day.
Share markets elsewhere in Asian advanced as prospects of a deal by European Union leaders to jointly fund recovery of their economies and hopes for a coronavirus vaccine lifted risk appetite.
MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 1.42 per cent higher, while Japan's Nikkei 225 benchmark was up 0.61 per cent. While China's Shanghai Composite index was up 0.02 per cent at the time, Hong Kong's Hang Seng and South Korea's KOSPI barometers were up 1.56 per cent and 1.36 per cent respectively.
The E-Mini S&P 500 futures were up 0.13 per cent in early Asian trade, indicating a positive start for US markets on Tuesday.
Overnight, Wall Street soared, boosted by technology shares, which spiked after days of lacklustre trade. The tech shares-heavy Nasdaq Composite rose 2.51 per cent to a record closing high, and the S&P 500 index hit a five-month peak.