Domestic stock markets started Tuesday's session on a positive note tracking gains in Asian equities, on hopes of recovery from the damage caused to global economy by the coronavirus pandemic. The S&P BSE Sensex index rose as much as 0.57 per cent – or 221.12 points – to touch 38,977.75 in the first few minutes of trade, having begun the day up 148.04 points at 38,904.67. The broader NSE Nifty 50 benchmark climbed to as high as 11,500.00, up 0.52 per cent – or 59.95 points – from the previous close, after opening stronger at 11,487.20 compared to its previous close of 11,440.05. At 9:23 am, the Sensex traded 173.52 points – or 0.45 per cent – higher at 38,930.15, while the Nifty was up 52.90 points – or 0.46 per cent – at 11,492.95. Titan, Grasim, UPL, Sun Pharma and Adani Ports, trading between 1.15 per cent and 1.35 per cent higher, were the top gainers in the Nifty basket of 50 shares.
On the other hand, Kotak Mahindra Bank, IndusInd Bank, Shree Cement, Eicher Motors and HCL Tech, down between 0.45 per cent and 1.10 per cent, were the worst hit among the 11 laggards in the index.
Reliance Industries, HDFC and Tata Consultancy Services (TCS) were the biggest boosts to Sensex, contributing more than 70 points to the gain in the index.
Official data released after market hours on Monday showed consumer inflation in the country eased to 6.69 per cent in August, from 6.73 per cent in the previous month, but still above the RBI's medium-term target range of 4-6 per cent. That dashed hopes of further monetary easing by the central bank for the time being.
Asian shares largely moved higher on Tuesday as investors awaited economic data and central bank meetings amid optimism around potential COVID-19 vaccines.