The domestic stock markets have opened on a strong footing, continuing with the gains witnessed in the previous session, on the back of positive global cues. At 9:17 am, the BSE Sensex was at 51,375.50, higher by 355 points or 0.70 per cent and the NSE Nifty was at 15,200.75, up 102.50 points or 0.67 per cent. The broader markets are also going strong, with the BSE Midcap and BSE Smallcap index gaining 0.7 per cent each. All the BSE sectoral indices are trading in the green, except for a dip in the telecom and oil indices.
US stocks rallied on Tuesday, with the Nasdaq gaining about 4 per cent to recoup heavy losses from the previous session as US bond yields retreated and investors scooped up battered technology stocks.
The Dow Jones Industrial Average rose 30.3 points, or 0.10 per cent, to 31,832.74, the S&P 500 gained 54.09 points, or 1.42 per cent, to 3,875.44 and the Nasdaq Composite added 464.66 points, or 3.69 per cent, to 13,073.83.
Meanwhile, oil fell to around $68 a barrel on Tuesday in a choppy session, pressured as concerns faded of a supply disruption in Saudi Arabia, which countered a pause in the dollar’s rally and prospects for tighter supply due to OPEC+ output curbs.
Brent crude settled down 72 cents, or 1.06 per cent, at $67.52 a barrel. U.S. West Texas Intermediate (WTI) fell $1.04, or 1.6 per cent to settle at $64.01 a barrel. The contract hit its highest on Monday since October 2018.
On the stock-specific front, IndusInd Bank, Eicher Motors and Cipla are among the top gainers on the BSE, adding 1.4 per cent to 3.4 per cent each in early trading. Information technology stocks are also witnessing buying interest, with Infosys, Wipro, HCL Tech and Tech Mahindra gaining 1.- per cent each on the BSE.
ONGC, UPL and Bharti Airtel are among the largecap stocks to buck the strong trend, losing 1-2 per cent each on the BSE.
The BSE market breadth is strong. Out of 2048 stocks traded on the BSE, there are 1378 advancing stocks as against 594 declines.