Stock markets climb in early trade on buying in blue-chips

Indian equity markets opened higher with the BSE Sensex and Nifty 50 gaining on buying in blue-chip stocks like Reliance Industries and ICICI Bank, supported by easing crude oil prices and mixed global market cues

Mumbai: Benchmark indices Sensex and Nifty climbed in early trade on Wednesday amid buying in blue-chip stocks Reliance Industries, ICICI Bank and cooling crude oil prices.

The 30-share BSE Sensex rallied 303.73 points to 74,222.49 in early deals. The 50-share NSE Nifty went up by 85.40 points to 23,327.50.

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From the 30-Sensex firms, Hindustan Unilever, Reliance Industries, Kotak Mahindra Bank, Asian Paints, Trent and ICICI Bank were among the biggest winners.

Tata Steel, Eternal Ltd, Adani Ports and Tech Mahindra were among the laggards.

Brent crude, the global oil benchmark, traded at around USD 91.90 per barrel.

“The market is likely to largely ignore the escalation of the conflict in West Asia as a one off. The softness in crude price indicates that. Despite the escalation, Brent crude continues to trade below USD 93 level,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

A significant trend in global markets is the fatigue that is creeping in AI trade, he added.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index quoted lower.

US markets ended mostly lower on Tuesday.

“For Indian markets, a key positive is the cooling in crude oil prices. Brent crude has slipped below recent highs, easing some pressure on India’s inflation outlook and current account concerns,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,566.03 crore on Tuesday, according to exchange data.

On Tuesday, the Sensex climbed 394.50 points, or 0.54 per cent, to settle at 73,918.76. The Nifty ended 119.10 points, or 0.52 per cent, higher at 23,242.10.