Mumbai: The market starts with a bang on Tuesday, continuing its uptrend from Monday. The Sensex is up 207.00 points or 0.8 percent at 26992.55 and the Nifty is up 61.15 points or 0.7 percent at 8180.45.
About 516 shares have advanced, 70 shares declined, and 23 shares are unchanged. Tata Motors, NTPC, ICICI Bank, Tata Steel and Dr Reddy's Labs are top gainers. The Indian rupee has opened with a marginal gain of 4 paise at 65.25 per dollar on Tuesday against previous day's closing value of 65.29 a dollar.
Ashutosh Raina of HDFC Bank said, "The positive sentiment is back after disappointing jobs data, with markets expecting that a 2015 Fed hike is off the table for now. This has resulted in EM currencies, equities and bonds rallying."
The US dollar gained against a basket of major currencies on renewed risk appetite in the wake of a disappointing US jobs report. Asian equities extended gains into a second session on Tuesday following another US rally, while investors also kept an eye on the region's central banks. Markets in China remain closed until Wednesday for National Day holidays.
Meanwhile, the Bank of Japan begins a two-day policy meeting, with an outcome due Wednesday. On Wall Street, the Nasdaq closed up 1.5 percent while the S&P 500 and Dow both spiked nearly 2 percent, fueled by expectations that the Federal Reserve will refrain from tightening monetary policy this year after last week's poor jobs report.
Brent Crude climbed higher, bolstered by a rally in US gasoline and Russia's willingness to meet other major oil producers to discuss the market. Precious metal gold's prices remained largely unchanged at USD 1135 an ounce.
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