Equity market gained in early trade on Tuesday, with the benchmark Sensex surging 222 points as positive cues from Asian and global markets bolstered investor sentiments.
BSE Sensex climbed 222.88 points or 0.37 per cent to 60,654.72 while the broader Nifty rose 56.40 points or 0.32 per cent to 17,827.30.
Among the 30 Sensex shares, 17 were trading in the positive territory, including Reliance Industries, Infosys, and Tata Consultancy Services.
While the country’s retail inflation jumped to 6.52 per cent in January, investors in India and elsewhere seem to be expecting a moderation in inflation in the US which would also have an impact on the interest rate hike cycle.
Deepak Jasani, Head of Retail Research at HDFC securities, said Asian shares tracked the bounce on Wall Street on Tuesday, as investors remained sanguine that key US economic data due later would show an easing in inflation.
Markets in Japan and Hong Kong were trading in the green while the European as well as the US indices closed with gains on Monday.
On Monday, Sensex ended 250.86 points or 0.41 per cent lower at 60,431.84 points and Nifty dropped 85.60 points or 0.48 per cent to close at 17,770.90 points.
Foreign Portfolio Investors (FPIs) remained net buyers on Monday, purchasing shares worth Rs 1,322.39 crore, data with the BSE showed.