Markets climb in early trade on firm global trends; extend winning momentum to 3rd day running

PTI

New Delhi, April 23

Benchmark equity indices continued their winning momentum for the third day running on Tuesday amid firm global market trends.

Rallying for the third day running, the 30-share BSE Sensex climbed 411.27 points to 74,059.89 in early trade. The NSE Nifty advanced 111.15 points to 22,447.55.

From the Sensex basket, Bharti Airtel, Titan Company, HCL Technologies, Mahindra & Mahindra, Bajaj Finserv and Tata Motors were the major gainers.

Power Grid, Larsen & Toubro, JSW Steel and Axis Bank were among the laggards.

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

Wall Street ended in positive territory on Monday.

Global oil benchmark Brent crude climbed 0.38 per cent to USD 87.33 a barrel.

“The undercurrent of bullishness of this market has been reinforced by the market action during the last two trading days, which saw Nifty spiking by 486 points from Friday's lows. External factors like the high bond yields in the US (the 10-year continues above 4.6%) and geopolitical concerns in the Middle East are not impacting the underlying bullish trend,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,915.23 crore on Monday after a day's breather, according to exchange data.

The BSE benchmark climbed 560.29 points or 0.77 per cent to settle at 73,648.62 on Monday. The NSE Nifty went up by 189.40 points or 0.86 per cent to 22,336.40.

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