Sensex opens over 400 points, Nifty above 12,100; HDFC Bank, SBI, Bajaj Finance top gainers
Mumbai: India’s stock market registered a strong opening on Tuesday (January 7) amid positive global cues. The BSE Sensex opens higher by 445.14 points, or 1.09 per cent, to 41,121.77, while the broader NSE Nifty also begins with 139.70 points up, or 1.16 per cent, to 12,132.75. The top gainers in the early trading session were HDFC Bank, SBI, Bajaj Finance, Tata Steel and Asian Paints.
An ebb in global crude oil prices and rupee’s rise against the US dollar has also influenced the market’s mood. Bank, financials were among the top support for the market benchmarks.
Indian rupee today opened 17 paise higher following the recovery in crude oil prices and the positive trends in equity markets. The rupee started off trade at 71.76 against the US dollar, versus Monday’s close of 71.93 a dollar.
Meanwhile, Asian shares rebounded today as a day passed without a new escalation in the Middle East and Wall Street erased early losses to end in the black as tech stocks climbed. Oil surrendered some hefty gains as many doubted Iran would strike back in a way that would disrupt supplies and its own crude exports.
MSCI`s broadest index of Asia-Pacific shares outside Japan added 0.3%, after a 0.7% drop in the previous session. Japan`s Nikkei edged up 0.5% and South Korea 0.6%. E-Mini futures for the S&P 500 held steady.
Notably, gold prices inched lower on Tuesday, a day after hitting their highest in nearly seven years, with a lack of immediate escalation between the United States and Iran denting bullion`s safe-haven appeal.
On Monday, equity benchmark indices crashed by nearly 2 per cent as the Middle East tensions shot up crude oil and gold prices. The BSE S&P Sensex closed 788 points or 1.9 per cent lower at 40,677, while the Nifty 50 tumbled by 234 points at 11,993. All the sectoral indices at the National Stock Exchange were in the red zone. Among stocks, State Bank of India, Bajaj Finance, metal major Vedanta and Zee Entertainment eroded values by nearly 4.5 per cent. Yes Bank, IndusInd Bank, Hindalco, Bajaj Finserv, Bharat Petroleum Corporation and Coal India lost between 3.1 and 3.8 per cent.
Tata Consultancy Services, Wipro, Titan and Dr Reddy`s, however, witnessed thin gains.
