Rebound in global equities lifts Sensex up 248 pts in morning trade

MUMBAI: Domestic equity markets opened with gains on Tuesday, tracking stronger global cues.

There is a rebound in global equities on temporary relief from the rescue of financial heavyweight Credit Suisse. BSE Sensex went up 248 points to 57,877.91 while NSE Nifty surged 68 points to 17,034 to regain its 17k position.

RIL, ICICI Bank, Bharti Airtel, Nestle, Titan, L&T, Axis Bank, Bajaj twins and HCL Tech were the top winners on the Sensex, while Adani Enterprises and SBI Life were the some of the gainers on the Nifty. Shares of Reliance Industries (RIL) gained 1.54 per cent to Rs 2,234.80 apiece on Tuesday morning.

The government had reduced the windfall tax on crude petroleum to Rs 3,500/tonne from Rs 4,400/tonne, while the special additional excise duty on diesel has been hiked to Rs 1 per litre from Rs 0.5 a litre.

Adani Enterprises gained 1.20 per cent to Rs 1,828.10 apiece on Tuesday morning.

In a span of five days, it had been rising 1.19 per cent. In Asian markets, Hong Kong's Hang Seng surged 176 points, Japan's Nikkei lost 388 points, China's Shanghai SE gained 12 points and Thailand Set and SandP ASX were trading in the positive territory.

In US markets, Dow Jones surged 382 points, Nasdaq rose 45 points and SandP 500 went up 34 points.

In European markets, BEL-20 and CAC 40 were trading in the positive territory, Deutsche Borse surged 165 points, FTSE rose 68 points, IBEX climbed 113 points and Madrid SE surged 11 points as Asian markets opened on Tuesday. Market participants are also keeping a watch on the US Federal Reserve's policy decision on Wednesday.

During the two-day meeting of the Federal Open Market Committee, it will discuss and decide on various economic policies, which among them will be to potentially raising interest rates. The meeting will also release the Summary of Economic Projections, which will provide insight into policymakers' views on interest rates and the US economy for the remainder of 2023 and beyond. On Monday, BSE Sensex fell 360.95 points to 57,628.95.

The Nifty 50 index lost 111.65 points to 16,988.40. Foreign institutional investors (FII) extended their selling streak to an eighth straight session on Monday, selling a net Rs 25.46 billion of equities.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "Fears of banking contagion hitting equity markets have aggravated FII selling, which has reached a cumulative Rs 11,757 crore in the last 11 days."