Markets climb in early trade on firm global trends

New Delhi : Benchmark stock market indicators rose at the beginning of trading on Thursday due to a strong performance in worldwide stock markets and increased purchase of banking shares. Traders said market participants will closely monitor Q2 earnings season, beginning with Tata Consultancy Services' upcoming results. In early trading, the 30-share BSE Sensex surged by 309.85 points, representing a 0.38 percent increase, reaching 81,776.95. The NSE Nifty increased by 90.70 points, representing a 0.36 percent rise to 25,072.65.

PowerGrid, NTPC, Kotak Mahindra Bank, Axis Bank, Mahindra and Mahindra, and Larsen & Toubro were among the companies in the Sensex 30 that saw gains. Infosys, Sun Pharmaceuticals, Bharti Airtel, Asian Paints, Tech Mahindra and ICICI Bank were companies that performed poorly. Tokyo, Shanghai, Hong Kong, and Seoul were experiencing an increase in trading in Asian markets. Wall Street closed higher in overnight trading on Wednesday. According to Vikas Jain, who is the Head of Research at Reliance Securities, the market sentiment has been boosted by the record highs in the US market, positive trends in Asian markets, and the Reserve Bank of India's dovish commentary. The global oil standard, Brent Crude, rose by 0.77 percent to reach USD 77.18 for a single barrel.

According to exchange data, on Wednesday Foreign Institutional Investors (FIIs) sold equities worth Rs 4,562.71 crore, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 3,508.61 crore. The RBI did not change its main interest rate on Wednesday, but it did move towards a potential rate cut by shifting its policy stance from relatively strict to 'neutral'. The MPC, consisting of three RBI officials and three new external members, decided with a majority vote of five out of six to maintain the benchmark repo rate at 6.5 percent for the tenth consecutive policy meeting. The BSE's 30-share index was observed on Wednesday.