Markets rally in early trade on buying in blue-chip stocks, firm global peers

Mumba: Benchmark indices Sensex and Nifty rallied in early trade on Tuesday amid buying in blue-chip stocks like HDFC Bank and State Bank of India and firm trends in global markets.

The BSE benchmark Sensex climbed 300.98 points to 80,549.06 in early trade. The NSE Nifty went up by 101.85 points to 24,377.90.

From the 30-share Sensex pack, Adani Ports, State Bank of India, HDFC Bank, JSW Steel, IndusInd Bank, Bajaj Finance and JSW Steel were the biggest gainers.

ITC, Bharti Airtel, Sun Pharma and Power Grid were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading higher.

US markets ended mostly in the positive territory on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 238.28 crore on Monday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 3,588.66 crore, according to exchange data.

“The underlying resilience of the market is evident in its ability to bounce back. The strength in market heavyweights like Reliance and HDFC Bank can impart resilience to the market,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

Global oil benchmark Brent crude climbed 0.13 per cent to USD 71.92 a barrel.

Recovering the early lost ground, the BSE benchmark Sensex climbed 445.29 points or 0.56 per cent to settle at 80,248.08 on Monday. The Nifty surged 144.95 points or 0.60 per cent to 24,276.05.