Sensex opens over 100 points higher, Nifty eyes 9100; banks soar
After ending Monday on a lower note, the market opened on a positive note, driven by a rally in the banks.
The 30-share Sensex was up 109.42 points at 29346.57, while the Nifty was up 43.15 points at 9088.35. The market breadth was healthy as 746 shares advanced against a decline of 189 shares, while 39 shares were unchanged.
Banking stocks such as Axis Bank, ICICI Bank were among the top gainers on both the indices, while GAIL and ONGC were a drag.
IndusInd Bank, HDFC, DCB Bank and Cimmco touched their 52-week highs. Dishman Pharma surged 20 percent and was locked in upper circuit on the back of a product approval by the US drug regulator.
The currency market was closed on account of Gudi Padwa holiday.
Asian markets gained in early morning trade morning as investors shrugged off the disappointment from the current US administration's ability to push through legislation to repeal and replace the Obama-era health-care law. Japan's Nikkei 225 rose 0.82 percent, recovering most of its losses of 276 points, or 1.44 percent, seen yesterday.