The stock market indices were up when the trading session began on Tuesday (May 25). The SGX Nifty, an early indicator of India’s Nifty50 index’s performance, was also trading around 75 points or half a percent higher at 15,277.00, indicating a positive start for the broader index in India.
The benchmark Sensex surged over 250 points in opening trade on Tuesday, tracking gains in index heavyweights Infosys, Asian Paints and HDFC amid a positive trend in global markets.
The 30-share BSE index was trading 265.07 points or 0.52 percent higher at 50,916.97, and the broader NSE Nifty surged 86 points or 0.57 percent to 15,283.70.
Asian Paints was the top gainer in the Sensex pack, advancing nearly 3 per cent, followed by M&M, Titan, Bajaj Finserv, Nestle India, NTPC, HUL, ONGC and Infosys.
On the other hand, HDFC Bank, IndusInd Bank, Axis Bank, SBI and Dr Reddy’s were among the laggards.
In the previous session, Sensex advanced 111.42 points or 0.22 per cent to finish at 50,651.90, and Nifty rose 22.40 points or 0.15 per cent to 15,197.70.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 585.36 crore on Monday, as per provisional exchange data.
"Domestic equities look to be good for the day. Notably, continued decline in daily caseload in the second wave (fell below two lakh on Monday after 40 days) and improvement in recovery rates have certainly bolstered investors’ confidence as this can reinvigorate sluggish economy faster,” said Binod Modi Head-Strategy at Reliance Securities.
Quarterly results to be announced today
The following companies will report their quarterly earnings today: Alkem Laboratories, Bayer CropScience, Emami, AIA Engineering, Thermax, Bajaj Electricals, Computer Age Management Services, TTK Prestige, AstraZeneca Pharma India, Vardhman Textiles, Laxmi Organics Industries, LUX Industries, VIP Industries, Transport Corporation of India, Stove Kraft, Ramco Systems, GATI, TVS Srichakra.
Asian markets up
In Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a positive note in mid-session deals. On Wall Street, equities ended with gains in overnight trade.
Asian shares climbed in morning trade on Tuesday, tracking a Wall Street rally overnight, while the dollar held near a fourth-month low as investors tempered fears about inflation-driven rate hikes, Reuters said.
Wall Street closed higher, spurred by gains in tech stocks, with the sector’s majors Apple up 1.33 percent and Microsoft up 2.29 percent. The Dow Jones Industrial Average rose 0.54 percent while the S&P 500 and the tech-heavy Nasdaq Composite gained 0.99 percent and 1.41 percent, respectively.
Petrol prices hiked
The oil marketing companies (OMC) hiked petrol and diesel prices on Tuesday across the country. Petrol price was increased by 23 paise per litre and diesel by 25 paise a litre, according to a price notification of state-owned fuel retailers.
The hike - 13th this month - pushed petrol and diesel prices to an all-time high across the country.
After today’s hike, petrol prices in Delhi rose to Rs 93.44 per litre against Rs 93.21 on Monday, while diesel price soared to Rs 84.32 per litre as compared to Rs 84.07 a litre on Monday. The price of petrol and diesel in Chennai was Rs 95.06 and Rs 89.11 per litre respectively and Rs 93.49 and Rs 87.16 per litre in Kolkata.
Rates had already crossed the Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and with the latest increase, the price in Mumbai too was inching towards that level.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.
Oil companies revise rates of petrol and diesel daily based on average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
This is the 13th increase in prices since May 4, when the state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 104.42 per litre and Rs 97.18 a litre, respectively.
In 13 increases, petrol price has risen by Rs 3.04 per litre and diesel by Rs 3.59.
(With PTI inputs)