Markets climb in early trade led by IT stocks

Indian equity markets opened higher, led by strong buying in IT stocks amid positive global cues and investor optimism. Benchmark indices gained in early trade as technology shares advanced, while market participants remained focused on corporate earnings and broader economic developments

Mumbai: Benchmark indices Sensex and Nifty climbed during initial deals on Thursday led by IT stocks and hopes that the US Federal Reserve may adopt a less aggressive monetary policy stance in the coming months following a softer-than-expected inflation data.

The 30-share BSE Sensex climbed 185.77 points to 77,400.40 in early trade. The 50-share NSE Nifty went up by 42.15 points to 24,132.60.

---

From the Sensex pack, HCL Technologies, Mahindra & Mahindra, Maruti, Tech Mahindra, Infosys, and Bajaj Finance were among the major winners.

Eternal, Bajaj Finserv, Axis Bank, and Bharat Electronics were among the laggards.

Brent crude, the global oil benchmark, quoted 0.31 per cent lower at USD 84.69 per barrel.

“With no major changes in crude prices and global markets holding steady, our market is likely to trade in a narrow band with a positive bias. With many companies reporting their Q1 results in the coming days, the market is likely to respond to the results,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.

In Asian markets, South Korea’s Kospi tanked 6.31 per cent. Japan’s Nikkei 225 index and Shanghai’s SSE Composite index also quoted lower, while Hong Kong’s Hang Seng index traded higher.

US markets ended higher on Wednesday.

“Overnight, US markets finished higher, with the S&P 500 gaining 0.38 per cent and the Nasdaq adding 0.62 per cent, supported by strength in mega-cap technology stocks and softer US wholesale inflation data that eased concerns over further policy tightening,” Rajesh Palviya, Head of Research, Axis Direct, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 735.83 crore on Wednesday, according to exchange data.

On Wednesday, the Sensex climbed 130.49 points, or 0.17 per cent, to settle at 77,185.43. The Nifty went up 26.45 points, or 0.11 per cent, to end at 24,078.50.