Sensex jumps over 400 pts in opening session; Nifty tops 8,900
After starting at 30,450.74, the 30-share index was trading at 394 points or 1.31 per cent higher at 30,422.98.
Similarly, NSE Nifty jumped 91.10 points, or 1.03 per cent, to 8,914.35.
ONGC was the top gainer in the Sensex pack, rallying around 6 per cent, followed by Bharti Airtel, HDFC, Maruti, Bajaj Auto, Kotak Bank, Hero MotoCorp and PowerGrid.
On the other hand, IndusInd Bank, SBI, Asian Paints and Axis Bank were trading with losses.
In the previous session, the BSE barometer settled 1,068.75 points or 3.44 per cent lower at 30,028.98, while the broader NSE Nifty plunged 313.60 points or 3.43 per cent to 8,823.25.
Foreign portfolio investors offloaded equities worth Rs 2,512.82 crore in the capital market on Monday, provisional exchange data showed.
According to traders, hopes of a vaccine for COVID-19 enthused global investor sentiment.
In a significant development, an American biotechnology company Moderna has said its initial vaccine tests in people have shown promising results and can stimulate an immune response against the coronavirus.
However, the rising number of cases in the country kept market participants cautious, they said.
The number of COVID-19 cases in India spiked to 1,01,139, while the death toll rose to 3,163, according to the health ministry.
Globally, the number of cases linked to the disease has crossed 48 lakh and the death toll has topped 3.18 lakh.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note.
Stock exchanges on Wall Street ended significantly higher in overnight session.
International oil benchmark Brent crude futures were trading 0.32 per cent lower at USD 34.70 per barrel. ANS DRRDRR