Opening Bell: Sensex jumps 281 points, Nifty at 14,737; Metals, IT lead

Updated : April 06, 2021 10:01 AM IST

Sensex opened 281 points higher, Nifty started at 14,737

Broader markets, smallcap and midcap indices were also trading in green, rising nearly half a percent and 0.24 percent, respectively.

India indices opened higher on Tuesday led by gains in metals, IT, and auto stocks. The benchmark 30-share BSE Sensex opened 281 points higher at 49,441, and the broader 50-share NSE Nifty gained 99 points to open at 14,737.

Broader markets, smallcap and midcap indices also traded in the green, rising nearly half a percent and 0.24 percent, respectively.

ONGC was the top laggard in the Nifty50 pack, shedding over nearly 1.5 percent, followed by Kotak Mahindra Bank, HDFC Bank, Tata Consumer, and SBI.

JSW Steel, Cipla, M&M, Hindustan Unilever, and NTPC were among the top gainers.

Separately, investors await the outcome of the Indian central bank's monetary policy committee meeting on Wednesday.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, a significant fundamental factor from the market perspective is that the US and China are leading the global economic recovery. This is likely to translate into earnings growth particularly in emerging markets like India.

"An important market trend in India is the outperformance of small-mid cap indices. While Nifty is up 4.7 percent YTD the small and midcap indices are up by 14 percent and 15 percent, respectively. This outperformance is likely to continue since there is more value in this segment," he said.

Further, he noted that while rising COVID-19 cases is a matter of concern, it is unlikely to have a major economic impact. Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading on a negative note in mid-session deals.

Elsewhere in Asia, stocks were mixed in Tuesday morning trade after major indices on Wall Street surged to record highs. While the Nikkei 225 hovered above the flatline, Australian index S&P/ASX 200 rose nearly 1 percent. MSCI's broadest index of Asian shares sans Japan traded 0.24 percent higher.

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With inputs from agencies

Published : April 06, 2021 09:40 AM IST

Opening Bell: Sensex jumps 281 points, Nifty at 14,737; Metals, IT lead

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