Thursday, July 25, 2024

Markets climb in early trade on HDFC Bank, Reliance support

Investors and brokers of a Rajasthan-based financial services watch the stock prices on a digital screen. File

Investors and brokers of a Rajasthan-based financial services watch the stock prices on a digital screen. File
| Photo Credit: ANI

Benchmark equity indices climbed in early trade on Tuesday amid buying in HDFC Bank and Reliance Industries along with a positive monsoon forecast.

The 30-share BSE Sensex climbed 194.9 points to 75,585.40 in early trade. The NSE Nifty went up by 59.95 points to 22,992.40.

From the Sensex firms, NTPC, JSW Steel, Tata Steel, Wipro, State Bank of India, Larsen & Toubro, Bajaj Finance, Mahindra & Mahindra, HDFC Bank and Reliance Industries were the biggest gainers.

Tech Mahindra, ITC, Power Grid, Asian Paints and Titan were among the laggards.

Equity benchmarks were on a record-breaking rally for the third straight day on Monday ahead of the results of Lok Sabha polls.

The results of the ongoing general elections will be declared on June 4.

“Nifty is expected to continue its upward trend, though key events like the exit poll results, GDP data, and May F&O expiry could influence the market. Positive monsoon forecasts are likely to support agricultural output and economic growth,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

India’s core monsoon zone covering most of the rain-fed agriculture areas in the country is likely to receive above-normal rainfall this season, the IMD said on Monday.

In Asian markets, Seoul and Hong Kong were quoting in the positive territory while Tokyo and Shanghai traded lower.

U.S. markets were closed on Monday for the Memorial Day holiday.

Global oil benchmark Brent crude climbed 0.23% to $83.29 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹541.22 crore on Monday, according to exchange data.

The BSE benchmark ended lower by 19.89 points or 0.03% at 75,390.50 on Monday. Intra-day, the barometer climbed 599.29 points or 0.79% to an all-time peak of 76,009.68.

The Nifty declined by 24.65 points or 0.11% to end at 22,932.45. The 50-issue barometer climbed 153.7 points or 0.66% to hit a new lifetime high of 23,110.80 during the day.

“As we approach the election results a bit of nervousness is visible in the market. The sharp correction in Nifty in the afternoon on Monday indicates this nervousness,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

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