Sensex surges over 100 pts to reclaim 30K, Nifty50 above 9,300

NEW DELHI: Benchmark indices opened on firm note on Tuesday, led by gains seen on banking, IT and automobile counters.

At 9.30 am, the BSE Sensex was trading 101.07 points, or 0.34 per cent, at 30,019. The index had hit a high of 30,052.73 and low of 30,001.94 in early trade. The Nifty50 added 20.50 points, or 0.22 per cent, to 9,324.55.

“The Nifty has closed above its strong resistance of 127 per cent reciprocal retracement level of the previous fall from 8,968.70 to 7,893.80 on the weekly chart. In the course of action, the Nifty negated the formation of ‘Shooting Star’ pattern on weekly chart, which is a sigh of relief for the bulls. Going forward, a minor resistance for the Nifty is placed at 9,367, but we expect it to be surpassed soon,” said Sameet Chavan of Angel Broking.

Asian markets were trading mixed with Chinese Shanghai Composite falling 0.3 per cent after Caixin/Markit Manufacturing Purchasing Managers' index (PMI) came in less-than-expected at 50.3 in April. This was the weakest pace of growth for the index in seven months. A value above 50 indicates expansion.

Maruti Suzuki climbed 2.17 per cent to Rs 6,667. Hero MotoCorp, Bajaj Auto and ONGC added up to 1.83 per cent, 1.38 per cent and 1.32 per cent, respectively.

Asian Paints advanced 1.21 per cent, while TCS, SBI, Tata Steek, ITC, ICICI Bank and Infosys advanced up to 1.2 per cent.