Sensex jumps over 100 pts, Nifty above 24,300; metal and financial stocks lead

Indian benchmark equity indices opened marginally higher for the third consecutive session on Tuesday, following gains from Asian markets. The rise was driven by metal and financial stocks, with comments from key US Federal Reserve officials raising expectations of a 25 basis-point rate cut later in the month.

By 9:21 am, the BSE Sensex was up over 100 points, or 0.14%, at 80,358.73, while the Nifty50 gained 23 points, or 0.10%, trading at 24,299.

Among the Sensex stocks, Adani Ports, JSW Steel, SBI, HDFC Bank, IndusInd Bank, and Tata Steel were the top gainers, rising up to 3%. In contrast, ITC, Bharti Airtel, Sun Pharma, Kotak Bank, and M&M opened lower.

In individual stocks, Solar Industries surged 9.5% in early trade after it, along with its subsidiary, secured export orders worth Rs 2,039 crore for supplying advanced defense products to international clients.

Swiggy shares also climbed 9.4% in early trade as the food delivery giant will be releasing its financial results for the second quarter ended September today.

Pricol shares surged nearly 6% after the company said it will acquire the plastic component division of TVS Motor arm Sundaram auto components for Rs 215 crore.On the sectoral front, the Nifty PSU index surged 1.6%, led by Union Bank, PSB, Bank of Baroda, and Canara Bank. The Nifty Bank, Financial Services, Metal, Media, and Realty indices also opened higher, rising between 0.5% and 1.5%.Meanwhile, Indian information technology companies, which generate a significant portion of their revenue from the U.S., opened marginally lower despite data showing an improvement in manufacturing activity in the world’s largest economy.

More to come…