The stock market indices are surging with the BSE Sensex trading 378 points or 0.8 percent higher at 48,081. The broader Nifty 50 jumped 105 points or 0.73 percent to trade at 14,401. Metals, PSU Banks and pharma stocks were among the major gainers. Midcaps and smallcaps rallied. FMCG sector was the only one under pressure.
The equity markets started the day’s trade in the negative.
At 09:16 IST, the Sensex was down 466.41 points or 0.98 percent at 47239.39. The Nifty was down 136.90 points or 0.96 percent at 14159.50. About 430 shares have advanced, 427 shares declined, and 94 shares are unchanged.
On Monday, the BSE Sensex had nosedived 882.61 points or 1.81 percent, and the NSE Nifty had plunged 258.40 points or 1.77 percent.
Foreign institutional investors (FIIs) were net sellers in the capital markets on Monday to the tune of Rs 1,633.70 crore, according to exchange data.
"The government's decision to open up vaccination for all above 18 from May 1, and announcement of measures to incentivise vaccine manufacturers are steps in the right direction. This is positive from the market perspective. The market is likely to ignore the stress in the healthcare system and the pains from the second wave," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Rupee slumps 52 paise in opening trade
The rupee slumped 52 paise to 74.87 against the US dollar in opening trade on Monday, amid fears that a rapid resurgence of COVID-19 cases in the country could disrupt economic recovery. Besides, heavy selloff in domestic equities also weighed on investor sentiment.
At the interbank forex market, the domestic unit opened at 74.80 against the US dollar, then fell further to 74.87, registering a fall of 52 paise over its previous close. On Friday, the rupee had settled at 74.35 against the American currency.
The rupee started on a weaker note against the US dollar after another surge in coronavirus infections over the weekend increased the risk of more broad-based lockdowns, Reliance Securities said in a research note.
India's total tally of COVID-19 cases crossed 1.50 crore with a record single-day rise of 2,73,810 new coronavirus infections, while the active cases surpassed the 19-lakh mark, according to the Union Health Ministry data updated on Monday.
Registering a steady increase for the 40th day in a row, the active cases have increased to 19,29,329 comprising 12.81 per cent of the total infections, while the national COVID-19 recovery rate has dropped to 86 per cent.
Meanwhile, Asian currencies were mostly weaker this Monday and could weigh on sentiments, the Reliance Securities' note said adding that "the RBI could be present to curb volatility".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 percent to 91.64.
Brent crude futures, the global oil benchmark, fell 0.37 percent to USD 66.52 per barrel.
Asian markets up
Asian markets rose in Thursday morning trade following an overnight bounce on Wall Street. The Nikkei 225 jumped 1.2 percent in early trade. The Nasdaq Composite added 1.19 percent to 13,950.22. The Dow Jones Industrial Average rose 0.3 percent to 34,137.31, while the S&P 500 gained 0.93 percent at 4,173.42. Wall Street rebounded on Wednesday after a two0day decline in a broad rally as a tilt towards stocks poised to benefit from a recovering economy offset Netflix Inc's sell-off after its disappointing results a day earlier.