Stock Market: Sensex Rises Over 400 Points, Nifty Near 19500 On Strong Global Cues. Bajaj Finserv Leads

Stock update: On the 30-share Sensex platform, Sun Pharma, Bajaj Finserv, L&T, Maruti, Asian Paints, Nestle were among the lead gainers

The two key equity benchmarks, Sensex and Nifty, on Tuesday opened in the green tracking strength across global markets. At 10 am, the BSE Sensex jumped 412 points to 65,756. On the other hand, the NSE Nifty50 was trading at 19,484, up 129 points.

On the 30-share Sensex platform, Sun Pharma, Bajaj Finserv, L&T, Maruti, Asian Paints, and Nestle were among the lead gainers. On the downside, Wipro, HCL, SBI, and Tata Steel were the early losers. Among specific stocks, PCBL surged 5 per cent on commissioning of the first phase of its specialty chemicals capacity expansion at Mundra, Gujarat with a capacity of 20,000 MTPA. Vedanta slipped 2 per cent on Foxconn's withdrawal from its JV meant for a semiconductor unit.

In the broader markets, the BSE Midcap and Smallcap indices rose up to 0.5 per cent.

In the previous session on Monday, the S&P BSE Sensex closed 64 points higher at 65,344, while the NSE Nifty50 ended at 19,356, up 24 points.

"Overnight rally in the US markets and early gains in Asian gauges could fuel optimism in local shares, as investors are likely to follow suit and maintain the buying momentum. However, caution may prevail at a later stage due to focus on two big catalysts - the US June CPI numbers to be released on Wednesday, and the likely hike in interest rates by the US Fed at its FOMC meeting on July 26," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the green. The US markets ended in the positive territory on Monday.

Foreign Institutional Investors (FIIs) continued their buying momentum as they bought equities worth Rs 588.48 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.53 per cent to $78.10 a barrel.

Meanwhile, the rupee gained 21 paise to 82.38 against the US dollar in early trade on Tuesday supported by a bullish trend in domestic markets and steady foreign fund inflows. However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.42, then touched a high of 82.38 against the American currency, registering a rise of 21 paise over its last close. On Monday, the rupee had settled at 82.59 against the dollar.