Sensex rallied over 800 points in early trade today amid positive cues from the Asian peers. Sensex was trading 820 points or 1.67 per cent higher at 49,824, and Nifty surged 248 points or 1.72 per cent to 14,756. Titan, ONGC HUL and HDFC Bank were the top Sensex gainers rising up to 3.46 per cent.
On the other hand, M&M, Maruti and Bharti Airtel were the top losers falling up to 1.35%.
"Sharp decline in FII selling coupled with large buying by domestic institutional investors (DIIs) can support the market and even take it higher. But there are many concerns like surge in COVID-19 cases, particularly in economically crucial Maharashtra, appreciation in US 10-year bond yield above 1.7 per cent and the dollar index moving up to 92.8 levels," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On a year-to-date basis, Sensex has gained 4.49% and Nifty has risen 5.55%. In one year, Sensex and Nifty have surged a huge 75% and 78%, respectively.
On Friday, Sensex surged 568.38 points or 1.17 per cent to end at 49,008.50 and Nifty climbed 182.40 points or 1.27 per cent to 14,507.30. Banking and consumer durables shares led the gains with BSE bankex rising 617 points to 38,144 and BSE consumer durables index climbing 682 points to 32,598.
Bank Nifty surged 614 points to 33,932. All 19 BSE sectoral indices were trading in the green.
Market cap of BSE-listed firms rose to Rs 204.02 lakh crore.
Market breadth was positive with 1,614 stocks rising against 1019 falling on BSE. 179 stocks were unchanged.
Japan's benchmark slipped 0.1% in morning trading to 29,347.21. Australia's S&P/ASX 200 lost early gains to fall 0.4% to 6,772.10. South Korea's Kospi added 0.6% to 3,053.78. Hong Kong's Hang Seng gained 0.3% to 28,408.74, while the Shanghai Composite slipped 0.3% to 3,423.83. Stock exchanges on Wall Street ended with losses in overnight trade amid worries over the impact of a default by a US-based hedge fund on margin calls last week.