Stock Market Live Updates: Indian equity benchmarks continued its rally for second consecutive day led by banking stocks. After hitting record high on Monday, Nifty Bank index is inching closer to touch the 50,000 psychological mark.
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The indices opened in green on Tuesday (April 30) reacting to strong global cues. BSE Sensex opened 129.69 points, or 0.17 per cent higher at 74,800.90 while NSE Nifty inched 36.60 points, or 0.16 per cent up at 22,679.70.
From the Sensex basket, Mahindra & Mahindra, Maruti, Tata Motors, UltraTech Cement, HCL Technologies and Nestle were the major gainers. On the other hand, Bharti Airtel, Tech Mahindra, HDFC Bank and State Bank of India were among the laggards.
The rupee depreciated 3 paise to open 83.48 against the US dollar amid a strong American currency up move against major Asian rivals and an upward movement in crude oil prices.
At the interbank foreign exchange, the domestic unit opened at 83.46 against the greenback and then slipped further to 83.48, registering a loss of 3 paise compared to its previous closing level. On Monday, the rupee had settled 7 paise lower at 83.45 against the US dollar.
A “hawkish outlook” from the US Federal Reserve may push the rupee into a weaker range between 83.40 and 83.70, Gaurang Somaiya of Motilal Oswal Financial Services, said.
Asian stocks inched higher as Japan’s Nikkei traded higher tracking an overnight strong finish on Wall Street. The Nikkei rose 1.38 per cent to 38,459.01 while the broader Topix advanced 2.01% to 2,740.54. Shares of chip-making equipment maker Tokyo Electron rose over 2 per cent while Silicon-wafer maker Shin-Etsu Chemical surged over 4 per cent.
“The U.S. equities were strong since the end of the last week, while the U.S. yields traded lower. That underpinned Japanese stocks today,” said Shuji Hosoi, senior strategist, Daiwa Securities to Reuters.
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Read More: Stock Market Today Live Updates: Sensex inches closer to 75,000 mark, Nifty Bank hits