Sensex soars by over 500 points, Nifty at record high

The BSE benchmark Sensex soared by over 500 points while Nifty was up by over points in afternoon trade on Tuesday. News agency PTI reported that the jump was led by gains in metal, oil and gas, banking and energy stocks amid unabated buying by foreign investors and strong global cues.

BSE Sensex was up 519 points at 37,573.28 points while Nifty traded at 11,308.25 points up by 138. Top gainers in early trade include PowerGrid, NTPC, RIL, L&T, ICICI Bank, Tata Motors, HCL Tech, and Vedanta, rising over 2.60 percent.

Traders said sustained inflow of foreign funds and positive cues other Asian equities boosted investor sentiment.

Elsewhere in Asia, Hong Kong’s Hang Seng rose 1.37 percent, Shanghai Composite Index jumped 1.61 percent higher, Kospi was up 0.84 percent, and Japan’s Nikkei gained 1.88 percent in early trade.

On Wall Street, Dow Jones Industrial Average ended 0.79 percent higher on Monday.

The rupee strengthened its gains by 25 paise to 69.64 against the US dollar in early trade on Tuesday, driven by sustained foreign fund inflows and weaker greenback against key rival currencies overseas.

Besides, selling of US dollar by exporters and banks also propelled rupee higher. The US dollar index — a measure of the value of the American currency relative to a basket of key foreign currencies — was lower by 0.17 percent at 97.012.

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