Stock market today: Sensex rises over 440 points, Nifty up 129 points amid strong FII buying

In commodities, global oil benchmark Brent crude eased by 0.80 per cent to trade at USD 65.33 per barrel, offering some relief on the inflation front. (Representational Pic)

Indian equity benchmarks extended their rally in early trade on Tuesday, buoyed by persistent foreign fund inflows and easing concerns over international tariffs, according to PTI.

The 30-share BSE Sensex surged by 442.94 points to reach 80,661.31 in early deals, while the broader NSE Nifty advanced by 129.15 points to 24,457.65. As per PTI, strong investor sentiment and optimism over potential global trade developments contributed to the positive momentum.

Among the Sensex constituents, Tata Motors, Reliance Industries, IndusInd Bank, Bharti Airtel, Mahindra & Mahindra, and Axis Bank emerged as the leading gainers. On the other hand, Sun Pharma, Nestlé India, UltraTech Cement, Power Grid Corporation, and Bajaj Finance lagged behind.

According to PTI reports, Foreign Institutional Investors (FIIs) were net buyers in the equity market on Monday, purchasing shares worth Rs 2,474.10 crore, as per exchange data. This marked the ninth consecutive session of net buying, reinforcing market resilience.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted that, "The sustained FII inflows, amounting to a cumulative Rs 34,940 crore over nine sessions, have become a strong support pillar for the Indian market. Given India's potential to outperform other major economies, this momentum is likely to continue," PTI quotes him as saying.

Further bolstering sentiment was a statement by US Treasury Secretary Scott Bessent, who suggested that India could be among the first countries to finalise a new trade agreement with the United States. As per PTI, this has been viewed as a major positive for India's trade outlook.

Across Asian markets, South Korea's Kospi and Hong Kong's Hang Seng indices were trading higher, while China's Shanghai Composite Index remained in the red. Meanwhile, US markets closed mostly higher on Monday, providing additional support to investor confidence back home.

Vikas Jain, Head of Research at Reliance Securities, noted that the domestic markets are likely to maintain their upward trajectory, fuelled by ongoing FII interest, positive global cues, and robust quarterly earnings. Optimism over a potential India-US trade deal has further boosted market sentiment, PTI reports.

However, not all economic indicators were positive. India's industrial production growth remained muted at 3 per cent in March on a sequential basis. On a year-on-year comparison, growth declined from 5.5 per cent, primarily due to weaker performance across the manufacturing, mining, and power sectors.

In commodities, global oil benchmark Brent crude eased by 0.80 per cent to trade at USD 65.33 per barrel, offering some relief on the inflation front.

On Monday, the Sensex had soared by 1,005.84 points or 1.27 per cent to close at 80,218.37, while the Nifty had advanced by 289.15 points or 1.20 per cent to settle at 24,328.50.

(With inputs from PTI)