Sensex surges over 100 points; Nifty50 reclaims 8,150; Adani Ports top gainer

MCX Calls Tips

NEW DELHI: The domestic equity indices opened on a positive note on Tuesday, as most Asian markets jumped in early trade following an overnight rise in US stocks.

Sentiment in the Asian markets was boosted after rating agency Standard & Poor's said the outcome of Italian referendum would not have an immediate impact on Italy's creditworthiness.

At 9.20 am, the BSE Sensex was trading at 26,453.79, up 104.69 points, or 0.40 per cent. The Nifty50 gained 26.70 points, or 0.33 per cent to 8,155.45 in morning trade.

"As long as the low of 7,916.40 is not violated on Nifty, we would like to stay on the optimistic side. In fact, Monday's late surge was really encouraging. We continue to expect the bounce back rally to extend towards 8,320 - 8,380 levels," said Angel Broking in a note.

The BSE Midcap index rose 0.42 per cent to 12,331.49, while the BSE Smallcap index was up 0.46 per cent at 12,170.88.

ONGC and LupinBSE -0.07 % gained Larsen & Toubro rose 0.72 per cent each. SBI, NTPCBSE 1.33 % and GAILBSE 1.80 % were some of the other Sensex rising up to 0.6 per cent.

All eyes were on the the monetary policy committee (MPC) will review its fifth bi-monthly policy beginning later in the day. The outcome will be announced on Wednesday. EdelweissBSE 0.84 % Securities which is expecting a 25-50 bps cut in repo rate with a bias towards 50bps cut, noted that even before the demonetisation more, there was a rising possibility of 50bps cut over the next 2-3 policy reviews.