Stock Market:  The key domestic equity benchmark indices Sensex and Nifty rose in early trade on Tuesday, ending a several-day losing trend due to value-buying at lower levels and selling in blue-chip and IT stocks. The Sensex, the 30-share index of the Bombay Stock Exchange (BSE), jumped 591.19 points to 77,930.20 in early trade, while the Nifty 50, the 50-share index of the National Stock Exchange (NSE), gained 188.5 points to 23,642.30 in the early hours. Strong global cues and continued buying by domestic institutional investors supported the market rally.

From the Sensex pack, Adani Ports, Tata Motors, Infosys, Mahindra & Mahindra, Tech Mahindra, UltraTech Cement, Tata Consultancy Services, and Reliance Industries gained the most, while Bajaj Finserv and Kotak Mahindra Bank declined.

Foreign institutional investors (FIIs) sold shares worth Rs 1,403.40 crore on Monday, while domestic institutional investors (DIIs) purchased shares worth Rs 2,330.56 crore, as per exchange data. In Asian markets, Seoul, Tokyo, and Hong Kong were trading higher, while Shanghai declined. U.S. markets ended mostly higher on Monday. The global oil benchmark Brent crude rose 0.26% to $73.49 per barrel.

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The 30-share BSE benchmark closed 241.30 points, or 0.31%, lower at 77,339.01 on Monday, its fourth straight day of decline. The Nifty closed 78.90 points, or 0.34%, lower at 23,453.80 for the seventh consecutive day of decline.

Rupee gains 2 paise

The rupee rose 2 paise to 84.40 against the U.S. dollar in early trade on Tuesday amid an improvement in domestic equity markets and a weakening of the U.S. currency against key Asian rivals.

However, continued outflow of foreign funds and a jump in crude oil prices put pressure on the local unit and limited its sharp gains, forex traders said. The rupee opened at 84.39 at the interbank foreign exchange market and fell further to 84.40 against the dollar, up 2 paise from its previous close.

The rupee recovered from its lowest level of 84.46 on Monday to close 4 paise higher at 84.42 against the U.S. dollar.

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(With Agencies Inputs)