Sensex rallies over 400 points in early trade; Nifty hovers around 11,800

ICICI Bank was the top gainer in the Sensex pack, surging around 4 per cent, followed by SBI, IndusInd Bank, HDFC Bank, Tata Steel and HDFC.

Mumbai: Equity benchmark Sensex rallied over 400 points in early trade on Tuesday, tracking gains in index-heavyweights HDFC twins, ICICI Bank and TCS amid positive cues from global markets ahead of the US presidential election.

The 30-share BSE index was trading 416.44 points or 1.05 per cent higher at 40,174.02.

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Similarly, the broader NSE Nifty jumped 121.80 points or 1.04 per cent to 11,790.95.

ICICI Bank was the top gainer in the Sensex pack, surging around 4 per cent, followed by SBI, IndusInd Bank, HDFC Bank, Tata Steel and HDFC.

On the other hand, Bharti Airtel, Reliance Industries, Infosys and UltraTech Cement were among the laggards.

In the previous session, Sensex settled 143.51 points or 0.36 per cent higher at 39,757.58, while Nifty advanced 26.75 points or 0.23 per cent to 11,669.15.

Exchange data showed that foreign institutional investors bought equities worth Rs 740.61 crore on a net basis on Monday.

India trade set up looks to be moderately good as of now mainly on global cues, said Arjun Yash Mahajan Head Institutional Business at Reliance Securities.

However, he expects the market to remain volatile for the day ahead of the US presidential election and rise in COVID-19 cases globally.

“Wall Street recovered on the eve of election day with investors appeared to be going by the late polls, which suggests Joe Biden leads over Donald Trump,” he stated.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.08 per cent higher at USD 39 per barrel.