Image Source : FILE Markets trade firm in early trade
Mumbai: Benchmark indices started the trade on a firm note on Monday with the Sensex climbing over 367.98 points amid an optimistic trend in global markets. The 30-share BSE Sensex jumped 367.98 points to 62,915.09 in early trade. The NSE Nifty advanced 75.35 points to 18,609.50.
From the Sensex pack, Axis Bank, Mahindra & Mahindra, ICICI Bank, Power Grid, Tata Motors, Sun Pharma, Larsen & Toubro, ITC, UltraTech Cement and NTPC were the major gainers. Tech Mahindra, Asian Paints, Hindustan Unilever and IndusInd Bank were the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.
US markets ended significantly higher
The US markets ended significantly higher on Friday. US President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt.
“US stocks jumped on Friday, with the Dow Jones Industrial Average closing up 701 points, after the May jobs report showed the labour market is in surprisingly strong shape despite the Federal Reserve’s aggressive tightening of monetary policy in the past year and as investors cheered the Senate passing the debt-ceiling bill,” said Deepak Jasani, Head of Retail Research, HDFC securities.
Global oil benchmark Brent crude jumped
Global oil benchmark Brent crude jumped 1.17 per cent to USD 77.02 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 658.88 crore on Friday, according to exchange data.
The Sensex climbed 118.57 points or 0.19 per cent to settle at 62,547.11 on Friday. The Nifty advanced 46.35 points or 0.25 per cent to finish at 18,534.10.
Rupee falls 14 paise to 82.53 against US dollar
Meanwhile, the rupee depreciated 14 paise to 82.53 against the US dollar in early trade on Monday, weighed down by the strength of the American currency in the overseas market and rising crude oil prices. At the interbank foreign exchange, the domestic unit opened at 82.47, then fell to 82.53, registering a decline of 14 paise over its last close. On Friday, the rupee had settled at 82.39 against the dollar.
Forex traders said the Indian rupee opened weak on the rise in oil prices and dollar index. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.09 per cent to 104.10. Brent crude futures, the global oil benchmark, rose 1.17 per cent to USD 77.02 per barrel.
India’s forex reserves dropped
India’s forex reserves dropped by USD 4.339 billion to USD 589.138 billion for the week ended May 26, the Reserve Bank said on Friday. In the previous week, the reserves had declined by USD 6.052 billion to USD 593.477 billion.
(With PTI inputs)
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