The benchmark indices touched new lifetime highs on Tuesday ahead of the two-day meet of the members of the Federal Open Markets Committee (FOMC), who would decide on the future course of QE tapering.
The BSE benchmark, the Sensex was trading 142.71 points or 0.65% higher at 21,952.51 points, while the NSE's Nifty was trading 44.35 points or 0.68% higher at 6,548.55 points at 11.30 am IST. Earlier, the Sensex and Nifty touched their lifetime highs of 22,040.72 points and 6,574.95 points, respectively. The FOMC meet begins on Tuesday.
According to experts, the likelihood of a BJP-led alliance coming to power at the Centre and a stable rupee has kept Indian markets strong. “Even as global stocks have been under pressure, rupee’s behaviour due to the steps taken by the RBI coupled with expectations of a BJP-led government has kept markets resilient,” said Vinay Khattar, head (research), retail capital markets, Edelweiss.
Among sectoral indices, the BSE Oil & Gas (2.05%), BSE Bankex (1.36%) and BSE Metal (1.09%) were the major gainers. Among individual stocks, Maruti Suzuki (7.83%), State Bank of India (2.96%) and Tata Power (2.20%) were the major gainers on the 30-share Sensex.
Among Asian indices, the Nikkei (0.94%), Hang Seng (0.3%), Kospi (0.75%) and Taiwan Taiex (0.37%) were the major gainers.
(PTI) The BSE Sensex jumped nearly 138 points in early trade today as stocks across the board gained on sustained buying by funds amid a firm trend on other Asian bourses.
BSE Sensex rose 137.66 points, or 0.63 per cent, to 21,947.46 with all sectoral indices, led by auto, metal and banking gaining up to 1.48 per cent. The index had gained 35.19 points in the previous session on Friday.
The wide-based NSE Nifty moved up by 47.35 points, or 0.73 per cent, to 6,551.55.
Stock market remained closed yesterday for 'Holi'.
Brokers said sustained buying by funds and retail investors following a firming trend on other Asian bourses tracking overnight gains on the US market after data showing industrial output increased more than expected in February, mainly buoyed the trading sentiment here.
Shares of country's largest car-maker Maruti Suzuki soared 9.37 per cent to Rs 1,899.90 after the company decided to seek approval of minority shareholders for controversial Gujarat plant, which it's parent Suzuki Motor Corp had decided to takeover from it.