Sensex, Nifty edge higher as airline stocks rise sharply

Equity benchmark Sensex inched higher by 55 points in early trade on Tuesday, tracking gains in index heavyweights HDFC twins, Bajaj Finance and Infosys amid sustained foreign fund outflows.

The 30-share BSE index was trading 55.46 points or 0.10 per cent higher at 52,935.46 in initial deals. Similarly, the broader NSE Nifty advanced 24.05 points or 0.15 per cent to 15,858.40.

UltraTech Cement was the top gainer in the Sensex pack, rising 0.69 per cent, followed by HDFC Bank, Maruti, Tata Steel, Titan and Bajaj Auto, HDFC, M&M, L&T and Bajaj Finance. Infosys was up 0.06 per cent in early deals.

On the other hand, Sun Pharma, TCS, HUL, and Reliance Industries were among the laggards.

In the previous session, the BSE Sensex closed 395.33 points or 0.75 per cent higher at 52,880. Similarly, the broader NSE Nifty surged 112.15 points or 0.71 per cent to 15,834.35.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 338.43 crore on Monday, as per provisional exchange data.

"Domestic equities look to be muted as of now. Notably, sharp rise in crude prices and strengthening dollar index weighed on sentiments in the last couple of days. Further, expectations of further rise in crude prices with no agreement on ease of production in the OPEC meeting can weigh on sentiments further," said Binod Modi Head-Strategy at Reliance Securities.

However, we continue to believe any meaningful correction in the market should be offering opportunity to investors to get in quality stocks, Modi said.

Meanwhile, international oil benchmark Brent crude surged 0.32 per cent to USD 77.41 per barrel.

Elsewhere in Asia, bourses in Seoul and Tokyo gained, while Shanghai and Hong Kong were trading in the red in mid-session deals.