Stock Market: Sensex Jumps 350 Points, Nifty Tops 18,150 On Strong Cues. Tata Motors, Kotak Bank Slip

Stock update: On the 30-share Sensex platform, L&T, Axis Bank, TechM, PowerGrid, Wipro, Infosys were trading in the green in early morning trade

In the broader markets, the BSE Midcap and Smallcap indices rose 0.7 per cent each.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Tuesday opened with firm gains tracking positive sentiment across Asian markets, following the takeover of fallen US lender First Republic Bank by JP Morgan Chase on Monday.

At 9.40 am, the BSE Sensex rose 351 points to 61,463. On the other hand, the NSE Nifty50 was trading at 18,165, up 100 points.

On the 30-share Sensex platform, L&T, Axis Bank, TechM, PowerGrid, Wipro, Infosys were trading in the green in early morning trade. On the downside, Tata Motors, M&M, Kotak Bank, and UltraCemco were the only losers.

#ABPStockMarketWatch | Sensex and Nifty on Tuesday opened with firm gains tracking positive cues across Asian markets

At 10:00 PM, #Sensex rose by 320 points to 61, 432 & #Nifty by 95 points to 18,160

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/AAD2jmPIjG

— ABP LIVE (@abplive) May 2, 2023

Among specific stocks, RVNL surged 6 per cent on its JV bagging a project worth Rs 2,249 crore.

In the broader markets, the BSE Midcap and Smallcap indices rose 0.7 per cent each.

Sectorwise, Nifty oil & gas, PSU Bank, and IT indices logged firm gains of 0.6-0.8 per cent, while the auto pocket was the only laggard, down 0.2 per cent.

The stock markets remained closed on Monday on account of Maharashtra Day. In the previous session on Friday, rallying for the fifth straight session, the S&P BSE Sensex surged 463 points to settle at 61,112, while the NSE Nifty50 shut shop at 18,065, up 150 points.

In Asian markets, Seoul, Shanghai, and Hong Kong were trading in the green, while Japan quoted lower. The US markets had ended marginally lower on Monday.

GST collection in April rose by 12 per cent annually to over Rs 1.87 lakh crore, touching an all-time monthly high, showed finance ministry data released on Monday. Manufacturing activities in India also accelerated further and touched a four-month high in April, boosted by robust new business growth, a monthly survey said on Monday.

"India outperformed the rest of Asia and the developed markets in April with a smart rally mainly assisted by sudden change of strategy by the FIIs who have turned big buyers in the market in the last two trading days. Also, good corporate results, particularly from the banking space and record GST collection at Rs 1.87 lakh crore are aiding bullish sentiments. The market is resilient and the undercurrent is bullish," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 3,304.32 crore, according to exchange data.

Global oil benchmark Brent crude climbed 0.13 per cent to $79.41 per barrel.

Meanwhile, the rupee gained 10 paise to 81.72 against the US dollar in early trade on Tuesday tracking a weak American currency and a firm trend in domestic equities. Forex traders said significant foreign fund inflows and crude oil prices below USD 80 a barrel also supported the local unit.

At the interbank foreign exchange, the domestic unit opened at 81.75 against the dollar and then climbed to 81.72, registering a rise of 10 paise over its previous close. On Friday, the rupee closed at 81.82 against the US currency.