Sensex, Nifty recover in early trade, lifted by firm trend in global markets

Representational image of the Bombay Stock Exchange (BSE) building
| Photo Credit: Reuters

The equity benchmark indices rebounded in early trade on Friday after a nearly 1% decline on the previous day, amid positive trends in the global markets.

The 30-share BSE Sensex climbed 235.61 points to 65,743.93 in early trade. The Nifty advanced 76.7 points to 19,600.25.

Among the Sensex firms, NTPC, Tata Motors, JSW Steel, Tata Steel, State Bank of India, Larsen & Toubro, Reliance Industries Ltd, Sun Pharma, Bharti Airtel and ITC were the biggest gainers.

Infosys, Wipro, Asian Paints, HCL Technologies, Tata Consultancy Services and Axis Bank were among the laggards.

In Asian markets, Tokyo, Shanghai and Hong Kong were trading in positive territory.

The US markets ended in the green on Thursday.

Global oil benchmark Brent crude climbed 0.05 per cent to $95.43 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,364.22 crore on Thursday, according to exchange data.

“The markets may see a firm opening on the back of strong global cues, but stocks are likely to fluctuate intra-day given the uncertainty over the rising interest rate scenario, surge in the US dollar and bond yields, and rising crude oil prices,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said in his pre-opening market comment.

The BSE benchmark fell 610.37 points or 0.92% to settle at 65,508.32 on Thursday. The Nifty declined 192.90 points or 0.98% to end at 19,523.55.