Stock markets update: Equity benchmark indices jumped in early trade on Tuesday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 306.05 points to 80415.90. Meanwhile, the Nifty was also up by 100.55 points to 24,322.45.
Major gainers and laggards
In the early trading session, Bharti Airtel, ICICI Bank, Hindustan Unilever (HUL), Shriram Finance, and TCS emerged as the top gainers on the Nifty index. On the other hand, ONGC, NTPC, Larsen & Toubro (L&T), Trent, and Tata Motors faced losses during the initial hours of trade.
Mixed trends in Asian markets
Asian stock markets displayed mixed trends during early trade. Japan’s Nikkei index saw a decline of 1.36%, settling near 38,260.38, while the Straits Times fell by 0.35%. Taiwan's market was down by 0.63% at 22,803.54. Conversely, Hong Kong's Hang Seng rose by 0.47% to 19,240.61. South Korea's KOSPI recorded a 0.61% dip, whereas China's Shanghai Composite gained 0.24%, reaching 3,271.57.
Rupee against dollar
Meanwhile, the rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite. Forex traders said the MSCI equity index rebalancing significantly boosted sentiment for Indian equity markets as foreign institutional investors broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee.
Moreover, the win by the incumbent government in Maharashtra, further fueled investor confidence in economic stability, sparking a rally in equity markets. At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close. On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar.
(With PTI inputs)
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