Stock markets rally in early trade, Sensex up 158 points to 85,346.79

Indian equities opened higher on Friday as Sensex and Nifty gained in early trade, led by Reliance Industries and domestic institutional buying, despite continued foreign investor selling, firm Asian markets, and a modest rise in global crude oil prices benchmark

Mumbai: Benchmark indices Sensex and Nifty began Friday’s trading session on an optimistic note as steady buying by domestic institutional investors and a rally in blue-chip Reliance Industries drove the stock markets higher in early trade.

The 30-share BSE Sensex climbed 158.19 points to 85,346.79 in early trade. The 50-share NSE Nifty went up by 55.8 points to 26,202.35.

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From the 30-Sensex firms, Asian Paints, Maruti, Bharat Electronics, NTPC, Mahindra & Mahindra, Reliance Industries, Bajaj Finance and Tata Motors Passenger Vehicles were among the biggest gainers.
ITC, Titan Company, HCL Tech and Kotak Mahindra Bank were among the laggards.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,268.60 crore on Thursday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,525.89 crore, according to exchange data.

“Steady domestic institutional inflows continue to provide broader support, helping offset aggressive selling by foreign investors,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

In Asian markets, South Korea’s Kospi index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were trading higher.

US markets were closed on Thursday for the New Year’s Day holiday.

Brent crude, the global oil benchmark, climbed 0.46 per cent to USD 61.13 per barrel.
On Thursday, the Sensex dipped 32 points or 0.04 per cent to settle at 85,188.60. The Nifty went up marginally by 16.95 points or 0.06 per cent to end at 26,146.55.