New Delhi: The BSE Sensex jumped over 200 points and the Nifty is up at 11639.60 in the early trade on Tuesday. RIL, Infosys, TCS and Maruti are among the top gainers.
The rupee appreciated 15 paise at 70.78 per dollar against its previous close of 70.93.
On Monday, the BSE soared to 39,090.03 and Nifty zoomed 326 points to end at a two-month high of 11,600.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note in their respective late morning sessions.
As per a PTI report, the government’s big fiscal stimulus has lifted market sentiment as it is expected to revive growth and capex cycle, said Suveer Chainani, CEO – Institutional Clients Group, Emkay Global Financial Services. The negative impact of the higher fiscal deficit should be mitigated as foreign fund flows should help lift balance of payments, he added. Strong foreign fund inflow too buoyed market mood here, traders said.
What may sound as good news to the auto industry which witnessed the worst spell in the last 10 months, auto and IT stocks led the gains today. Bajaj Finance, Yes Bank, Asian Paints, Hero MotoCorp, L&T, HDFC Bank, Kotak Bank and Bajaj Auto fell up to 2 per cent.
Maruti Suzuki India Ltd, India’s biggest automaker, pins its hopes on sales figures in September. In an interview to Reuters, its chairman RC Bhargava said that the sales of Maruti cars are expected to be higher than the previous month.
“We expect that retail sales in September would witness an improvement over August,” Bhargava said. “The booking levels have gone up compared to last month, have gone up substantially, and the expectation is that the 29th and 30th of this month will probably witness very high retail sales.”