Indian stock markets made a strong opening extending Monday's gains, with the Sensex gaining 189 points to trade at 37,681, and the Nifty up 58 points at 11,116 (9.32 AM).
Stocks were buoyed by positive sentiment owing to RBI's booster as well as positive global cues.
The RBI, on Monday, decided to transfer a record Rs1.76 lakh cr surplus to the Government, which provides the latter greater room for more stimulus measures to lift the economy.
On the global front, markets rose on the optimism that US-China would soon reach a trade deal.
Tata Steel, Vedanta, and Indiabulls Housing Finance were the top gainers on the Nifty, while Infosys, Tech Mahindra, and HCL Tech were the top losers.
Sectorally, Nifty PSU Banks rose 2.9% most likely on the RBI's sizeable surplus transfer in one go, followed by Nifty Metal and Auto which gained 1.5% and 1.1% respectively.
Gains in Nifty PSU Bank were led by Indian Bank (+5%) and Bank of Baroda (+3%) with the latter announcing the raising of approved issuance of Tier I, II bonds aggregating Rs2,150cr.
On the other hand, Nifty IT was down ~1% dragged by Infosys and HCL Tech likely on the back of a stronger rupee.
The rupee opened 22 paise up after falling beyond the 72/$ mark on Monday. Gold also hit the Rs40,000/10gm mark yesterday.
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