Image Source : PTI Equity markets rally in early trade
Stock markets: Equity benchmark indices extended their previous day’s rally on Friday amid buying in index major Reliance Industries, fresh foreign fund inflows and a largely positive trend in global markets. The 30-share BSE Sensex climbed 178.34 points to 62,050.96 in early trade. The NSE Nifty gained 51.1 points to 18,372.
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From the Sensex pack, Reliance Industries, Tech Mahindra, Maruti, UltraTech Cement, Wipro, Bajaj Finserv, Hindustan Unilever, Infosys, Titan and State Bank of India were among the major gainers.
Power Grid, HDFC, Axis Bank, IndusInd Bank, ICICI Bank and HDFC Bank were the laggards. In Asian markets, Seoul and Tokyo traded in the green, while Shanghai quoted lower. The US market ended mostly with gains on Thursday.
Sensex, Nifty see a rise
The Sensex climbed 98.84 points or 0.16 per cent to settle at 61,872.62 on Thursday. The Nifty gained 35.75 points or 0.20 per cent to end at 18,321.15.
Foreign Institutional Investors (FIIs) were net buyers on Thursday as they bought equities worth Rs 589.10 crore, according to exchange data. Meanwhile, global oil benchmark Brent crude dipped 0.26 per cent to USD 76.06 a barrel.
Market mood improves
“Amidst the winds of optimism blowing in the market, Nifty bulls strive to seize the baton of positivity from yesterday’s robust rebound. As the market mood improves, fuelled by Nasdaq and S&P 500’s rally and the influx of buyers at Dalal Street, we find ourselves cautiously optimistic.
“However, amidst this prevailing optimism, we must be wary of the unresolved US debt ceiling,” Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd, said in his pre-market opening quote.
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Rupee rises 5 paise to 82.67 against US dollar
Meanwhile, the rupee gained 5 paise to 82.67 against the US dollar in early trade on Friday supported by foreign fund inflows and a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range amid the strengthening of the US dollar.
The dollar index is trading above 104 level on safe-haven appeal, as US President Joe Biden and Republican House Speaker Kevin McCarthy are reportedly close to reaching an agreement on the US debt ceiling. At the interbank foreign exchange, the domestic unit opened at 82.73 against the dollar, then rose to 82.67, registering a gain of 5 paise over its previous close.
(With PTI inputs)
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