Business Live: Sensex surges over 300 points in early trade; Nifty tops 9,900

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MakeMyTrip lays off 350 employees due to COVID-19 impact

Online travel firm MakeMyTrip has laid off 350 employees due to the impact of the COVID-19 pandemic on its business.

Most of the fired employees are in international holidays and related line of business, according to sources.

In an email to employees, MakeMyTrip Group Executive Chairman and founder Deep Kalra and Group CEO Rajesh Magow said even as times remain unpredictable, what is evident is that the impact of COVID-19 crisis is going to be long drawn for the company.

It is unclear when travelling will become a way of life, as it was pre-COVID, they added.

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Sensex surges over 300 points in early trade; Nifty tops 9,900

The easing of lockdown restrictions continues to enthuse investors in stocks.

PTI reports: "Equity benchmark Sensex jumped over 300 points in early trade on Tuesday, led by index-heavyweights Kotak Bank, HDFC, TCS and Reliance Industries amid positive cues from global markets.

After opening on a tepid note, the 30-share index was trading 309.68 points or 0.93 per cent higher at 33,613.20.

Similarly, NSE Nifty advanced 98.10 points or 1 per cent to 9,924.25.

Kotak Bank was the top gainer in the Sensex pack, rising around 7 per cent, followed by M&M, Sun Pharma, Hero MotoCorp, Bajaj Finance, Tata Steel, Bharti Airtel and HCL Tech.

On the other hand, L&T, ITC, ICICI Bank and SBI were among the laggards.

In the previous session, the BSE barometer settled 879.42 points or 2.57 per cent higher at 33,303.52 and the broader Nifty surged 245.85 points or 2.57 per cent to finish at 9,826.15.

On a net basis, foreign portfolio investors bought equities worth Rs 1,575.46 crore in the capital market on Monday, provisional exchange data showed.

According to analysts, gradual easing of the lockdown boosted investor sentiment which further strengthened with the buoyancy in the global markets. Besides, the news of the timely arrival of monsoon also aided the surge."

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