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Sensex opens up over 140 points to reclaim 30,000 level; Maruti up over 2% on robust car sales

Domestic markets remained shut on Monday due to Maharashtra Day and International Labour Day.

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BSE Sensex opened over 100 points up compared to its closing on Friday to reclaim the 30,000 territory. The 30-share benchmark opened at 30,021.49 on Tuesday morning and was trading at 30,059, up 140.73 points or 0.47% from previous close on strong global cues and robust earnings and passenger car sales in the domestic market. 

On Monday, the markets remained closed because of Maharashtra Day and International Labour Day. 

The 50-share National Stock Exchange Nifty was trading at 9,340.05, up 36.95 points or 0.39% from previous close. 

The domestic markets were taking cues from the Asian shares that climbed to a two-year high on Tuesday depsite soft economic data from China and the US. 

According to a report by Reuters, "Asian shares rose to near two-year highs on Tuesday as growing optimism over tech industry earnings and easing concerns over North Korea offset softer-than-expected factory readings in China and the United States."

"MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5% to its highest level since June 2015, as many of the region's markets reopened after a long holiday weekend.
Japan's Nikkei rose 0.7%.

On Wall Street, although the Dow Jones Industrial Average fell 0.13% on Monday, the S&P 500 gained 0.17% and the Nasdaq Composite added 0.73% to a record closing high.

Notably, the world's five largest companies by market capitalisation -- Apple, Alphabet, Microsoft , Amazon and Facebook -- all hit intraday or closing highs - or both - on Monday," the report said. 

On the domestic front, major carmakers like Maruti Suzuki, Tata Motors, Toyota, and Honda started the new financial year with robust sales figures. The companies shrugged off the last effects of demonetization and posted double digit growth in their sales figures for April. 

Maruti Suzuki's sales grew 23.4%, Tata Motors registered a 23% growth in its passenger car sales, while Honda Cars reported a 38.1% increase in domestic numbers. 

Robust sales of automobiles indicate a healthy state of the economy. 

The shares of Maruti Suzuki were trading up 2.09% at Rs 3,382 per share. On the BSE, the top gainers were DCB BAnk up 7.72%, Federal Bank up 7.03%, Sobha Developers 5.74%.

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