Mumbai, Sep 18: Benchmark equity indices Sensex and Nifty rallied in early trade on Friday amid easing crude oil prices and a positive trend in global markets.
The 30-share BSE Sensex climbed 162.87 points to 74,483.56 in early trade. The 50-share NSE Nifty was up 43.90 points to 23,315.25.
Among the 30 Sensex firms, Bharti Airtel, Eternal, Larsen & Toubro, InterGlobe Aviation, HDFC Bank and Adani Ports were the major winners.
Tata Consultancy Services, Tech Mahindra, Tata Steel, HCL Tech and Infosys were among the laggards.
Brent crude, the global oil benchmark, traded 0.93 per cent lower at USD 103.8 per barrel.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were quoting in positive territory.
US markets ended higher on Thursday.
“Global cues have turned more supportive, with Wall Street rebounding sharply from the previous session’s Fed-driven selloff. The S&P 500 gained 1.1 per cent, while the Nasdaq surged 1.7 per cent, led by chipmakers, as easing bond yields and a retreat in crude prices provided some relief.
“However, the Federal Reserve’s hawkish stance and the possibility of further tightening continue to keep global sentiment cautious,” Rajesh Palviya, Head of Research, Axis Direct, said.
Majority of the Tata Group stocks were trading lower during the early trade, including TCS which was down 3 per cent, after advancing in the previous session.
Tata Sons plunged into its most serious boardroom crisis since the ouster of Cyrus Mistry after directors voted to reappoint N Chandrasekaran as executive chairman for a further five-year term, prompting Tata Trusts to declare the resolution void and reopen a broader battle over the conglomerate’s future.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,208.76 crore on Thursday, according to exchange data.
On Thursday, the Sensex dipped 21.86 points, or 0.03 per cent, to settle at 74,314.59. The Nifty ended marginally up 53 points, or 0.23 per cent, at 23,270.60. (PTI)
