D-Street Cheers, Nifty PSU Bank Outperforms; Dow Futures & SGX Nifty Jump

The domestic market made a higher opening on Tuesday, aided by broad gains in global markets after Britain’s new finance minister Jeremy Hunt made a solid U-turn in the country’s fiscal policy, while the upcoming festive season is buoying sentiments.

Benchmark equity indices Nifty50 and Sensex jumped 1.2% at the time of writing, after opening almost 0.73% higher in the day. Banking, financial and auto stocks lent support to the market, while broader market indices Nifty Midcap 100 and Nifty Smallcap 100 underperformed their headline counterparts.

All sectoral indices traded in the green, led by Nifty PSU Bank , soaring 2.51% and Nifty Bank jumped 1.02%.

Bank of America (NYSE: BAC ) posted stellar quarterly results on Monday, lifting the Street’s optimism regarding the corporate earnings season in the US market. Also, UK’s economic reversal led to a rising Sterling, pushing the US dollar to its lowest levels in over a week, faring well for global markets, including India.

The Indian rupee climbed against the US dollar on Tuesday and rose to 82.06/$1 at the time of writing.

Dow Futures surged 1.56%, Nasdaq 100 Futures rallied over 2% and SGX Nifty Futures jumped 1.22% at the time of writing.