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Markets Trade Firm in Early Trade Amid Gains in Global Equities

On Thursday, the benchmark index started solid trading, with the Sensex climbing more than 542 points, tracking a rebound in global stock markets.


The 30-share BSE benchmark rose 542.18 points to 56,358.50. The broader NSE Nifty was up 147.45 points at 16,789.25.


Among Sensex constituents, Bajaj Finance, Bajaj Finserv, IndusInd Bank, Tata Steel, Infosys, Wipro, Tech Mahindra and Kotak Mahindra Bank were the major winners in morning trade.


Dr Reddy, Sun Pharma, Bharti Airtel and UltraTech Cement lag.


Seoul, Shanghai and Tokyo markets were higher in Asia, while Hong Kong quotes were lower. The US markets closed sharply higher on Wednesday.


VK Vijayakumar, the chief investment strategist at Geojit Financial Services, said: “Even after the Fed hiked rates by 75bps in a row and said the next meeting would be appropriate for another big hike, the US market staged a sensible rally, with the S&P 500 and Nasdaq up 2.62%, 4.06% %”.


Siddarth Bhamre, head of research at Religare Broking Limited, said the market had already discounted the 75bps rate hike, but this guidance buoyed the US market, which closed higher.


The BSE benchmark gained 547.83 points, or 0.99%, to settle at 55,816.32 on Wednesday. The Nifty was up 157.95 points or 0.96% at 16,641.80.


Meanwhile, the international oil benchmark, Brent crude, rose 1.20% to $107.90 a barrel.


According to exchange data, Foreign institutional investors sold shares worth Rs 436.81 crore on Wednesday.
“On the domestic front, today’s monthly F&O expiry is likely to keep the market volatile,” said Prashanth Tapse – Research Analyst, Senior Vice President (Research) Mehta Equities Ltd.

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