Sensex rises 295 points, Nifty tops 9,900

New Delhi: Markets opened in green on second day on Tuesday amidst positive Asian cues.

The BSE Sensex rose 295.41 points or 0.89 percent to 33,598.93 in early trade while the NSE Nifty jumped 80.75 points or 0.82 percent to 9,906.90.

Kotak Mahindra Bank was the major gainer in Sensex pack, rising by upto 4.46 percent after the news that Banker Uday Kotak will be selling 2.83 per cent stake worth over Rs 6,800 crore in the lender on Tuesday. The stake sale would help bring down his stake in the country's fourth largest private sector lender to the RBI-mandated 26 per cent.

Other major gainers were M&M, Sun Pharma, Hero Moto Corp, Bajaj Finance, TCS, Tata Steel, Asian Paint, IndusInd Bank, Bajaj Auto, HDFC, Bharti Airtel, rising upto 2.61 percent. Bucking the trend, shares of LT, ICICI Bank, Ultrachem, ITC and SBI declined upto 0.78 percent.

Among Asian peers MSCI`s broadest index of Asia-Pacific shares outside Japan which had its best day in two months on Monday, extended its rally without panache - rising 0.3%.  World stock markets have rallied nearly 36% from March lows on hopes for a swift recovery from the COVID pandemic. Japan`s Nikkei rose 1% to its highest since late February and markets in Seoul , Taipei and Hong Kong also gained, a Reuters report said.

Markets ended in green on Friday by soaring over 2.5 percent supported by optimism over the government's reopening plan for the domestic economy.

Equity benchmark Sensex rallied over 879.42 points or 2.71 percent to close at 33,303.52. Similarly, NSE Nifty surged 245.85 points or 2.57 per cent to finish at 9,826.15.