Stock Markets Rally in Early Trade in Mumbai
Key Highlights :
Mumbai: Equity benchmark indices bounced back in early trade Friday amid a rally in global markets and continuous foreign fund inflows. The 30-share BSE Sensex climbed 135.43 points to 62,984.07 in early trade. The NSE Nifty advanced 42.1 points to 18,676.65. From the Sensex pack, IndusInd Bank, Titan, Tata Motors, UltraTech Cement, Larsen & Toubro, Axis Bank, Bajaj Finance and Bharti Airtel were the biggest gainers. Tata Steel, Mahindra & Mahindra, Infosys, State Bank of India and Kotak Mahindra Bank were among the laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. The US markets ended in positive territory Thursday. According to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, intra-day volatility could persist as investors fear the Federal Reserve could remain hawkish at its June 14 meeting after a surprise interest rate hike by Bank of Canada. Global oil benchmark Brent crude dipped 0.51 per cent to USD 75.57 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 212.40 crore Thursday, according to exchange data. The Sensex fell 294.32 points or 0.47 per cent to settle at 62,848.64 Thursday. The NSE Nifty declined 91.85 points or 0.49 per cent to end at 18,634.55.
Investors in Mumbai cheered the rally in the stock markets on Friday, as the benchmark indices opened higher amid a surge in global markets and continuous foreign fund inflows. The 30-share BSE Sensex rose 135.43 points to 62,984.07 in early trade, while the NSE Nifty advanced 42.1 points to 18,676.65.
The rally in the stock markets was driven by a number of factors, including a surge in global markets, a surprise interest rate hike by Bank of Canada, and continuous foreign fund inflows. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green, while the US markets ended in positive territory Thursday.
From the Sensex pack, IndusInd Bank, Titan, Tata Motors, UltraTech Cement, Larsen & Toubro, Axis Bank, Bajaj Finance and Bharti Airtel were the biggest gainers. Tata Steel, Mahindra & Mahindra, Infosys, State Bank of India and Kotak Mahindra Bank were among the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 212.40 crore Thursday, according to exchange data. The Sensex fell 294.32 points or 0.47 per cent to settle at 62,848.64 Thursday. The NSE Nifty declined 91.85 points or 0.49 per cent to end at 18,634.55.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, warned that intra-day volatility could persist as investors fear the Federal Reserve could remain hawkish at its June 14 meeting. Global oil benchmark Brent crude dipped 0.51 per cent to USD 75.57 a barrel.
Overall, the stock markets in Mumbai opened higher in early trade on Friday, driven by a rally in global markets and continuous foreign fund inflows. Investors are now keeping a close eye on the Federal Reserve's June 14 meeting, which could have an impact on the markets in the near future.
