By Indian markets opened sharply higher on Tuesday, with the Sensex up 587.87 points at 75,369.63, led by a rally in IT stocks.
The Nifty50 gained 178.05 points at the open to reach 23,576.15 in a broad-based move.
Infosys led the gainers with a 4.22 percent rise in early trade, joined by HCL Tech, TCS, Tech Mahindra and HDFC Bank.
The rally came even as Brent crude oil prices stayed near $107 a barrel amid mixed global cues.
Markets had been closed on Monday for Ganesh Chaturthi, with the Sensex closing at 74,781.76 in the previous session on Friday, September 11.
The IT sector rally is being watched closely as a signal of how Indian technology services firms are pricing in demand recovery from key overseas markets.
Foreign institutional investor activity and crude oil price movements have remained the two most-watched factors shaping Indian market sentiment through September.
The Nifty50’s gain of over 178 points at the open reflected broad-based buying interest rather than a narrow, sector-specific rally.
Indian benchmark indices have shown notable volatility through September, swinging between sessions of sharp declines and sessions of strong recovery.
Trading volumes on the opening day after a market holiday are often elevated as investors react to news and global developments that accumulated during the closure.
Analysts have pointed to resilient corporate earnings expectations in the IT sector as a factor supporting the sharp opening gains.
The BSE Sensex and NSE Nifty remain the two primary benchmarks used to track the overall health of Indian equity markets.
Infosys led the gainers on the Sensex, rising 4.22 percent in early trade, with HCL Tech, TCS, Tech Mahindra and HDFC Bank also among the top performers.
The rally in IT shares came despite mixed global cues, with Brent crude oil prices staying near $107 a barrel during the session.
National Stock Exchange of India, Mumbai, Wikimedia Commons, CC BY-SA 2.0
