Gains across sectors pushed the markets higher in early trade
Domestic stock markets started Tuesday's session on a positive note amid gains across sectors, tracking strength in Asian equities. The 30-scrip S&P BSE Sensex index rose as much as 0.65 per cent - or 245.64 points - to 38,180.37 in the first few minutes of trade, having started the day at 38,052.18, up 117.45 points - or 0.31 per cent - from its previous close. The broader NSE Nifty 50 benchmark climbed to as high as 11,199.15, up 0.61 per cent (67.35 points) from its previous close, after opening with a gain of 0.20 per cent at 11,154.10.
At 9:23 am, the Sensex traded 223.34 points - or 0.59 per cent - higher at 38,158.07, while the Nifty was up 45.55 points - or 0.41 per cent - at 11,177.35.
Tech Mahindra shares jumped as much as 5.78 per cent to Rs 702.40 on the BSE, a day after the IT major reported a 20.95 per cent rise in net profit to Rs 972.3 crore in the quarter ended June 30.
Analysts awaited more financial results from companies to assess near-term cues for the markets.
Share markets elsewhere in Asia rose as investors wagered the Federal Reserve would reaffirm its easy outlook this week. The prospect of endless stimulus allowed Asian shares to shake off concerns about the spreading coronavirus pandemic and tensions between the world's largest two economies.
MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.91 per cent higher, while Japan's Nikkei 225 benchmark was up 0.11 per cent.
China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's KOSPI barometers were up 0.60 per cent, 0.52 per cent and 1.36 per cent respectively.
Nations around the globe are announcing new travel curbs amid a fresh wave of COVID-19 infections, a setback to hopes for a "V" shaped economic recovery.
The E-Mini S&P 500 futures were last seen trading 0.12 per cent higher, indicating a mildly positive start for US markets on Tuesday. On Monday, the S&P 500, Dow Jones Industrial Average and Nasdaq Composite indices rose 0.74 per cent, 0.43 per cent and 1.67 per cent respectively, as investors looked past surging COVID-19 infections in the world's largest economy.
