The Indian stock market on Tuesday extended gains amid incoming foreign funds, reduced crude oil prices, a softening dollar and easing US Treasury bond yields.
The 30-share BSE Sensex climbed 176 points to 78,461.16 in opening trade. The 50-share NSE Nifty went up by 34.1 points to 24,464.45.
From the BSE Sensex index, Titan, Infosys, Eternal, Tech Mahindra, HCL Tech, and Tata Consultancy Services were among the major gainers.
Meanwhile, the top losers on the index were Trent, which declined 9.8 per cent, followed by Larsen & Toubro, Bharat Electronics, ITC and Tata Steel.
However, positive news for the Indian stock market came as Foreign Institutional Investors (FIIs) bought equities worth Rs 243.03 crore on Monday, according to exchange data.
Besides, the easing of the crude oil benchmark to $72 per barrel has also boosted investor confidence. "There are distinct signs of an uptrend in the market.
Two factors which were weighing on Indian markets – the crude price hike and sustained FPI selling – are now behind us and have reversed.
Crude is back to the pre-war level and FPIs have turned buyers," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Additionally, Asian markets and currencies continued to decline on the second day of trading with Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index trading lower.
On Monday, the Sensex jumped 521.16 points, or 0.67 per cent, to settle at 78,285.07. The Nifty climbed 159.50 points, or 0.66 per cent, to end at 24,430.35.
Also read: Rupee opens 7 paise higher against US dollar in early trade
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