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Markets climb in early trade on firm global trends

Updated on: 10 October,2024 02:12 PM IST  |  Mumbai
mid-day online correspondent |

Investors are also anticipating the start of the Q2 earnings season, with Tata Consultancy Services (TCS) scheduled to release its results later today.

Markets climb in early trade on firm global trends

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Benchmark equity indices climbed in early trade on Thursday, aided by robust global market trends and demand for banking equities. Investors are also anticipating the start of the Q2 earnings season, with Tata Consultancy Services (TCS) scheduled to release its results later today.


The BSE Sensex rose 309.85 points, or 0.38 per cent, to 81,776.95 in early trade. Similarly, the NSE Nifty rose 90.70 points, or 0.36 per cent, to 25,072.65, reported PTI. 


The top gainers among the 30 Sensex businesses were PowerGrid, NTPC, Kotak Mahindra Bank, Axis Bank, Mahindra and Mahindra, and Larsen & Toubro. On the negative, Infosys, Sun Pharmaceuticals, Bharti Airtel, Asian Paints, Tech Mahindra, and ICICI Bank were among the underperformers.


According to the report, Asian markets, including Tokyo, Shanghai, Hong Kong, and Seoul, rose, while Wall Street also closed higher on Wednesday.

"The record highs in the US market, positive trends in Asian markets, and the Reserve Bank of India's dovish commentary have uplifted market sentiment," said Vikas Jain, Head of Research at Reliance Securities.

The global oil benchmark Brent Crude climbed 0.77 per cent to USD 77.18 per barrel.

According to exchange data, on Wednesday, Foreign Institutional Investors (FIIs) sold equities worth Rs 4,562.71 crore while Domestic Institutional Investors (DIIs) purchased equities worth Rs 3,508.61 crore, the report added.

The Reserve Bank of India (RBI) held its key interest rate at 6.5 per cent on Wednesday for the tenth time in a row, but changed to a more neutral position, implying a possible rate decrease in the near future.

The BSE Sensex closed 167.71 points lower on Wednesday, at 81,467.1, while the NSE Nifty fell 31.20 points to 24,981.95.

Rupee rises 1 paisa to 83.95 against US dollar

In early trade on Thursday, the rupee strengthened 1 paisa to 83.95 vs the US dollar, reflecting a strong trend in domestic equity markets and a weaker greenback against key overseas rivals. However, forex analysts say that an increase in global oil prices and massive foreign fund outflows have hampered the domestic currency's future rebound.

The rupee began at 83.95 on the interbank foreign exchange, up 1 paisa against the US dollar, and traded nearly flat in early dealings. On Wednesday, the local currency finished at 83.96 per dollar.

With PTI inputs

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