Sensex gains 350 points to trade above 31K-mark

Healthy buying was witnessed in FMCG, capital goods and metal stocks. - Reuters

The BSE Sensex rose over 350 points on Tuesday to trade over the psychological mark of 31,000 points tracking gains in the Asian markets. Healthy buying was witnessed in FMCG, capital goods and metal stocks.
The Sensex was trading at 31,030.52, higher by 357.93 points or 1.17 per cent from the previous close of 30,672.59.
It had opened at 30,864.27 and has so far touched an intra-day high of 31,086.70 and a low of 30,835.01 points.
The Nifty50 on the National Stock Exchange was trading at 9,143.65, higher by 104.40 points or 1.15 per cent from the previous close.
Indian shares rose about 1 per cent on Tuesday, lifted by gains in conglomerate ITC and beaten-down financial stocks, and supported by buoyant Asian peers as investors cheered the reopening of some economies amid hopes for stimulus.
"Opening up of economies right from Japan to Europe is leading to positive sentiment globally and allaying some fears in India as well," said Siddhartha Khemka, head of research for retail at Motilal Oswal Financial Services in Mumbai.
Shares of ITC Ltd rose as much as 4.6 per cent after the company said on Sunday it would buy spice maker Sunrise Foods.
"Some buying is witnessed in financial stocks after so much of selling we saw last week is also supporting the market," Khemka said.
The Nifty banking index rose 1.8 per cent, led by a 3.2 per cent surge in HDFC Bank Ltd.
The banking index, which has fallen over 45.4 per cent so far this year, dropped 8.3 per cent last week, with the industry staring at more defaults by businesses hit by the Covid-19 pandemic, raising concerns of a fresh bout of bad loans.
Meanwhile Indian rupee is holding on the early gains and trading higher, amid buying seen in the domestic equity market.
It opened higher by 27 paise at 75.68 per US dollar, to quote at Dh20.62 versus Friday's close of 75.95. On Monday the currency market was shut on account of Ramzan Id. - with inputs from IANS, Reuters, business@khaleejtimes.com