Sensex jumps over 100 points; bank stocks rise

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Mumbai: Domestic equity benchmark BSE Sensex jumped over 100 points in early trade Tuesday driven by gains in banking stocks, amid mixed cues from global markets. The 30-share index was trading 104.83 points, or 0.27 per cent, higher at 39,001.54 at 0945 hours. Similarly, the broader Nifty rose 29.25 points, or 0.25 per cent, to 11,617.60.

Top gainers in the Sensex pack included Tata Motors, Vedanta, NTPC, PowerGrid, ICICI Bank, SBI and Axis Bank, rising up to 1.65 per cent. On the other hand, TCS, Hero MotoCorp, Bajaj Auto, M&M, TechM, HCL Tech and Kotak Bank fell up to 1.62 per cent.

In the previous session, the 30-share gauge settled 160.48 points or 0.41 per cent higher at 38,896.71, while the Nifty gained 35.85 points or 0.31 per cent to end at 11,588.35. On a net basis, foreign institutional investors sold equities worth Rs 216.44 crore, while domestic institutional investors purchased shares to the tune of Rs 591.72 crore, provisional data available with stock exchanges showed Monday.

According to Vinod Nair, Head of Research at Geojit Financial Services, green shoots from earnings lifted the sentiment of IT sector, while ease in WPI inflation (June) to 2.02 per cent added some cheer in the market. Howeverm Q1 results announced so far have been mixed and going forward is expected to be subdued in nature, he added.

Elsewhere in Asia, Shanghai Composite Index and Nikkei were trading in the red, while Hang Seng and Kospi rose in their respective early sessions. Meanwhile, the Indian rupee was almost flat at 68.55 against the US dollar. The global oil benchmark Brent crude futures were trading 0.12 per cent higher at 66.56 per barrel.