Mumbai: Markets opened in the green on Tuesday with the Sensex up by 550 points to touch 28,990, while the Nifty was trading above 8,450 points.
As many as 513 shares have advanced, 82 shares declined and 27 shares are unchanged, Moneycontrol reported. Hindalco Industries, HDFC, JSW Steel, Vedanta and Tech Mahindra are among major gainers on Nifty.
The rupee too opened higher by 9 paise at 75.52 per dollar against previous close of 75.61.
Other Asian equities, too, enjoyed a strong start following another rally on Wall Street with traders welcoming a surprise jump in Chinese factory activity, though analysts cautioned that the road ahead remained rocky for the global economy.
The World Bank also warned that fallout from the coronavirus pandemic could bring China’s growth to a standstill, with even a best-case scenario seeing expansion slow to 2.3 percent from 6.1 percent in 2019.
Trillions of dollars pledged to offset the economic impact of the deadly virus have provided a semblance of stability to world markets, which were initially pummelled by the rapid spread of the disease, which has forced swathes of the planet — and the economy — into lockdown.
While the number of infections and deaths continues to rise, observers said traders appear to be getting used to the new normal, with some suggesting the sell-off in stocks may have seen its worst.
After another rally on Wall Street, which saw all three main indexes jump more than three percent, Asia picked up the baton.
Tokyo went into the break 0.8 percent better off, while Hong Kong and Taipei added more than one percent.
Sydney, which soared seven percent Monday on its best day in history, added another two percent, while Seoul was up a similar amount. Singapore, Manila, Jakarta and Wellington all rose more than two percent, while Shanghai added 0.7 percent.
Source: News18