Equity benchmark Sensex jumped over 100 points in early trade on Tuesday tracking gains in index-heavyweights ICICI Bank, Infosys and L&T, despite a weak trend in Asian markets and sustained foreign fund outflow.
After opening on a choppy note, the 30-share index was trading 118.07 points or 0.20 per cent higher at 60,663.68 in initial deals. Similarly, the Nifty rose 36.45 points or 0.20 per cent to 18,105 amid high volatility.
M&M was the top gainer in the Sensex pack, rising over 2 per cent, followed by IndusInd Bank, Bajaj Auto, L&T and TCS. On the other hand, Nestle India, HDFC Bank, PowerGrid, HDFC and Asian Paints were among the laggards.
In the previous session, Sensex ended 477.99 points or 0.80 per cent higher at 60,545.61, and Nifty surged 151.75 points or 0.85 per cent to 18,068.55.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded shares worth Rs 860.65 crore on Monday, as per exchange data.
"Investors have to remember the fact that this bull run is global with India outperforming. In the mother market US, S&P 500 is up 25 per cent YTD and in India, Nifty is up by 29 per cent YTD," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The correlation between markets is very high globally. Therefore, a correction is also likely to be global. There are no visible triggers for a correction presently, he noted. In the previous session, FII selling of Rs 861 crore was overwhelmed by DII buying of Rs 1,912 crore.
According to him, as long as this trend continues, markets will remain resilient despite high valuations.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals. Major indices on Wall Street ended marginally positive in the overnight session.
Meanwhile, international oil benchmark Brent crude fell 0.10 per cent to USD 83.35 per barrel.
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