Sensex surges 1,300 points, Nifty tests 8,450 on positive global cues

The domestic stock markets surged over 4 per cent higher on Tuesday, in line with the Asian indices which rose on signs that the rate of coronavirus-related deaths globally is dropping.

At 10 am, BSE Sensex index was up 1,288.38 points, or 4.67 per cent, at 28,879.33 levels. The Nifty50 index jumped 359.50 points, 4.5 per cent, higher at 8443.30 levels. Nifty Bank index, up 5.5 per cent, was the top sectoral gainer. 

US stocks rocketed higher, with each of the major indices rallying over 7 per cent. In Asia, Japan's Nikkei was up 2.3 per cent while South Korea's Kospi gained over 1 per cent.

In commodities, Brent crude rose 2 per cent and US crude was up nearly 4 per cent on hopes that the world’s main oil producers including Saudi Arabia and Russia could agree to cut output at a meeting on Thursday.