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Mumbai: The key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex reclaiming the 50,000 mark.
It surged as much as 612 points to touch an intra-day high of 50,192.86.
Around 9.20 a.m., Sensex was trading at 50,124.56, higher by 543.83 points or 1.10 per cent from its previous close of 49,580.73.
Similarly, the broader NSE Nifty rose 178.40 points or 1.20 per cent to 15,101.55.
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All Sensex components were trading in the positive terrain, with Bajaj Finance advancing over 3 per cent, followed by IndusInd Bank, Axis Bank, PowerGrid, HDFC Bank, Bajaj Auto and ICICI Bank.
In the previous session, Sensex zoomed 848.18 points or 1.74 per cent to end at 49,580.73; and Nifty surged 245.35 points or 1.67 per cent to settle at 14,923.15.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 2,255.84 crore on Monday, as per provisional exchange data.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the positive trigger for the market now is the steadily declining fresh COVID cases and the steadily rising recovery rates.
"The latest numbers (2.62 lakh fresh cases and 4.22 lakh recoveries) indicate a continuation of this positive trend. The market is discounting progressive lifting of the widespread lockdowns starting in early June. Even though growth and earnings will be impacted in Q1, smart recovery can be expected in the subsequent quarters," he said.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note in mid-session deals.
Equities on Wall Street ended with losses in overnight trade.
Meanwhile, international oil benchmark Brent crude was trading 0.39 per cent higher at USD 69.73 per barrel.
(With IANS & PTI Inputs)
