Tracking the vibrant mood in global peers and a drop in US dollar and Treasury yields, Indian equity indices opened higher on Tuesday, led by the banking and financial stocks.
At 9.17 am, the BSE Sensex was trading 1,085 points or 1.94 per cent higher at 57,888. Nifty50 was trading at 17,148, up 261 points or 1.55 per cent.
V K Vijayakumar, Chief Investment Strategist at said, "In the last eight out of ten years Sensex has given positive returns in October. Also, markets have a record of troughing out in October. This may happen this October too."
For the near-term, the market sentiments have turned positive with a declining trend in dollar and US bond yields, he said, adding that if this trend continues FIIs will again turn big buyers in India and they will not get stocks cheap.
“Financials and autos are again set to lead the uptrend since their fundamentals and prospects are strong. Capital goods are likely to join the rally and telecom is on a strong wicket," Vijayakumar said.
Among Sensex stocks, IndusInd Bank rose 4.58 per cent to Rs 1,209. Bajaj Finance, L&T, Axis Bank and SBI surged 3.18 per cent, 3.14 per cent, 2.79 per cent and 2.70 per cent, respectively. ICICI Bank, HDFC and Bajaj Finserv increased 2.69 per cent, 2.52 per cent and 2.43 per cent, respectively.
Sectorally, Nifty PSU Bank surged 2.72 per cent, while Nifty Metal rose 2.40 per cent. On the other hand, Nifty Financial Services and Nifty IT opened higher. Nifty Midcap50 and Smallcap50 added 1.89 per cent and 1.76 per cent, respectively.
On Monday US Market ended higher, Dow Jones, S&P 500 and Nasdaq rose 2.66 per cent, 2.59 per cent and 2.27 per cent, respectively.
In Asian markets, Japan’s Nikkei rose 2.84 per cent, South Korea’s Kospi jumped 2.37 per cent and Taiwan’s Taiwan Weighted surged 2.07 per cent.
The Indian rupee opened at around 81.67 per U.S. dollar, up 0.25 per cent from the previous close. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.22 per cent to 111.50 level.
At 9.17 am, the BSE Sensex was trading 1,085 points or 1.94 per cent higher at 57,888. Nifty50 was trading at 17,148, up 261 points or 1.55 per cent.
V K Vijayakumar, Chief Investment Strategist at said, "In the last eight out of ten years Sensex has given positive returns in October. Also, markets have a record of troughing out in October. This may happen this October too."
For the near-term, the market sentiments have turned positive with a declining trend in dollar and US bond yields, he said, adding that if this trend continues FIIs will again turn big buyers in India and they will not get stocks cheap.
“Financials and autos are again set to lead the uptrend since their fundamentals and prospects are strong. Capital goods are likely to join the rally and telecom is on a strong wicket," Vijayakumar said.
Among Sensex stocks, IndusInd Bank rose 4.58 per cent to Rs 1,209. Bajaj Finance, L&T, Axis Bank and SBI surged 3.18 per cent, 3.14 per cent, 2.79 per cent and 2.70 per cent, respectively. ICICI Bank, HDFC and Bajaj Finserv increased 2.69 per cent, 2.52 per cent and 2.43 per cent, respectively.
Sectorally, Nifty PSU Bank surged 2.72 per cent, while Nifty Metal rose 2.40 per cent. On the other hand, Nifty Financial Services and Nifty IT opened higher. Nifty Midcap50 and Smallcap50 added 1.89 per cent and 1.76 per cent, respectively.
On Monday US Market ended higher, Dow Jones, S&P 500 and Nasdaq rose 2.66 per cent, 2.59 per cent and 2.27 per cent, respectively.
In Asian markets, Japan’s Nikkei rose 2.84 per cent, South Korea’s Kospi jumped 2.37 per cent and Taiwan’s Taiwan Weighted surged 2.07 per cent.
The Indian rupee opened at around 81.67 per U.S. dollar, up 0.25 per cent from the previous close. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.22 per cent to 111.50 level.
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