Sensex, Nifty rise in early trade on strong global markets

In early trade, the 30-share BSE Sensex surged 242.49 points to reach 73,980.94, while the NSE Nifty rose by 63 points to 22,431.

Mumbai: Equity benchmark indices Sensex and Nifty climbed in early trade on Wednesday, taking their winning momentum to the fourth day running, amid a rally in global markets.

The 30-share BSE Sensex climbed 242.49 points to 73,980.94 in early trade. The NSE Nifty advanced 63 points to 22,431.

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From the Sensex basket, Tata Steel, JSW Steel, Nestle, UltraTech Cement, Tata Motors and HDFC Bank were the major gainers.

IndusInd Bank, Hindustan Unilever, Titan and ICICI Bank were the laggards.

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

Wall Street ended with gains on Tuesday.

“The ability of bull markets to climb all walls of worries is being demonstrated by the ongoing bull market, which has shrugged off all headwinds, be it geopolitical or economic. The Middle East tensions had only a temporary impact on the market,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude climbed marginally by 0.02 per cent to USD 88.44 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,044.54 crore on Tuesday, according to exchange data.

The BSE benchmark ended 89.83 points or 0.12 per cent higher at 73,738.45 on Tuesday. Trmming most of its early gains, the NSE Nifty ended 31.60 points or 0.14 per cent up at 22,368.