After a day-long consolidation on Monday, equity benchmarks opened positive led by banks, FMCG, auto and oil & gas stocks. The stock market mirrored Asian gains, which picked up momentum after the Chinese market’s 3.6 percent fall yesterday. The Wall Street had closed higher in late day rally as investors resorted to the trend of buying on dips and pushing major indexes near all-time highs; Europe had closed flat.

At 09.29 AM, the Sensex was up 123.05 points at 19001.01, and the Nifty rose 34.30 points at 5732.80. Asian shares rebounded after a sharp sell-off triggered by slumping Chinese stocks the previous session, as a globally accommodative monetary stance helped eased concerns and revived risk appetite.

The euro languished near a three-month low on Tuesday as investors kept a wary eye on political developments in Italy, while commodity currencies proved resilient with the Australian dollar bouncing off an eight-month trough.

U.S. oil futures fell to their lowest level in 2013 on Monday, declining for a third consecutive session in reaction to slowing growth in China and indicators that oil markets are amply supplied.

U.S. Treasury debt prices reversed early gains on Monday as investors took profits, although worries over political uncertainty in Italy and the pace of growth in China and the United States limited losses.

    LOCAL MARKETS PREVIOUS CLOSE
    * BSE index 18,877.96 (-0.21 pct)
    * NSE index 5,698.50 (-0.37 pct)
    * Rupee 54.86/87 per dollar (54.90/91)
    * 10-year bond yield 7.89 pct (7.91 pct)
    * 5-year OIS rate 7.19 pct (7.22 pct)
    * 1-year OIS rate 7.57 pct (7.61 pct)
    * Call money 7.00/7.10 pct (7.50/7.55 pct)

Indian government’s net borrowings in 2013/14 will be up by only 50 billion rupees to 4.84 trillion rupees ($88.15 billion), the slowest rise in recent years, Finance Minister P. Chidambaram said during an appearance on Google Hangout on Monday.

The government is examining whether it can remove some sub-limits on debt held by foreign investors to make the assets more fungible, Finance Minister P. Chidambaram said during an appearance on Google Hangout on Monday.

India’s central bank governor Duvvuri Subbarao to address the NIBM convocation at 0530 GMT. Raghuram Rajan, chief economic advisor, will deliver the convocation address.