Markets climb in early trade on buying in Reliance
Mumbai, November 22
Equity benchmark indices climbed in early trade on Wednesday, helped by buying in index major Reliance Industries.
Gains were, however, restricted amid unabated foreign fund outflows from the equity markets and mixed trends in global markets.
The 30-share BSE Sensex climbed 74.43 points to 66,005.20 in early trade. The Nifty went up by 26.15 points to 19,809.55.
Among the Sensex firms, Power Grid, Titan, Sun Pharma, Reliance Industries, Hindustan Unilever, Asian Paints, Tata Motors, Tech Mahindra, Nestle and ITC were the biggest gainers.
Kotak Mahindra Bank, ICICI Bank, IndusInd Bank and JSW Steel were the major laggards.
In Asian markets, Tokyo traded in the green while Seoul, Shanghai and Hong Kong quoted lower.
The US markets ended in the negative territory on Tuesday.
Global oil benchmark Brent crude declined 0.16 per cent to USD 82.32 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 455.59 crore on Tuesday, according to exchange data.
“The uptrend in the market is intact with global support coming from the easing US bond yields. The US 10-year bond yield at 4 per cent is a strong pillar of support for equity markets. Resilience in large-caps like RIL, Bharti and HDFC Bank can continue to support the uptrend,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The BSE benchmark climbed 275.62 points or 0.42 per cent to settle at 65,930.77 on Tuesday. The Nifty went up by 89.40 points or 0.45 per cent to 19,783.40.
