Sensex, Nifty Up Over 1% In Early Trade

Indian shares opened sharply higher on Tuesday despite mixed cues from global markets.

The benchmark S&P BSE Sensex jumped 630 points, or 1.3 percent, to 49,642 in early trade, with financials and metal companies leading the surge.

The broader NSE Nifty index was up 193 points, or 1.3 percent, at 14,700 as traders returned to their desks after a long holiday weekend.

HDFC, Bajaj FinServ, Tata Steel, Hindustan Unilever, GAIL, JSW Steel and Titan rose 2-3 percent.

Shares of Tata Group companies traded mostly higher after the Supreme Court upheld as legally valid Tata Sons’ decision to oust Cyrus Mistry as its executive chairman in 2016 and subsequently convert itself into a private entity.

JSW Steel rallied 3 percent on reports the company has submitted an expression of interest for Neelachal Ispat Nigam Ltd.

JSW Energy climbed 2.2 percent on fund raising reports.

Adani Transmission jumped 3 percent after it signed definitive agreements with Essel Infraprojects Limited for the acquisition of Warora-Kurnool Transmission Limited for an enterprise value of Rs 3,370 crore.

Oil marketing companies BPCL, HPCL and IOC held steady after slashing fuel prices.

Vascon Engineers gained 0.8 percent on a new order win.

Kirloskar Brothers soared almost 4 percent. A top company official reportedly said the pump maker is close to be a debt-free company and will continue its growth journey into domestic and international markets.

Biocon rose about 2 percent after its subsidiary Biocon Pharma joined hands with Libbs Farmaceutica to launch generic drugs in Brazil.