CNBC-TV18 Opening Bell: Market starts higher on RBI surplus transfer; metal stocks lead gainers

The benchmark 30-share S&P BSE Sensex jumped over 152 points, or 0.41 percent, to trade at 37,646 in the initial trade on Tuesday. The broader NSE Nifty50 also gained over 47 points, or 0.43 percent, to 11,105.

The Nifty MidCap index slightly outperformed rising well over half a percent, while the banking gauge, Nifty Bank also rose 0.51 percent. Barring IT and media indexes, all other sectoral gauges traded positive led by PSU banks, capital goods and metal counters.

Metal, financials and auto shares gained in early trade with Tata Steel, Vedanta and Indiabulls Housing Finance leading, each rising between 2 and 3 percent. SBI and L&T also rose by up to 1.5 percent.

IT companies, however, traded under pressure as the rupee strengthened against the US dollar. The home currency opened sharply higher at 71.70 against the greenback.

Additionally, brokerage firm Credit Suisse raised concerns as macroeconomic headwinds in developed markets may lead to more cut in the market's estimate for earnings per share for the IT sector.

Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services and Zee Entertainment shares dipped by up to 1.2 percent.

Meanwhile, gold prices in India surged to a fresh all-time high for the fifth consecutive day surpassing its previous high in the national capital due to a weaker rupee and strong global trend.