Markets rally in early trade on firm global trends, foreign fund inflows

PTI, Aug 24, 2023, 10:16 AM IST

Equity benchmark indices rallied in early trade on Thursday, extending their winning run for the fourth day running, amid positive global market trends and fresh foreign fund inflows.

The BSE Sensex climbed 333.95 points to 65,767.25 in early trade. The NSE Nifty gained 101.65 points to 19,545.65.

From the Sensex pack, Tech Mahindra, Larsen & Toubro, Power Grid, ICICI Bank, IndusInd Bank, Infosys, JSW Steel, Wipro, Titan and UltraTech Cement were among the gainers.

Jio Financial Services emerged as the laggard.

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

The US markets ended with gains on Wednesday.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 614.32 crore, according to exchange data.

”The near-term market outlook has turned distinctly positive with the US economy’s soft landing narrative lifting sentiments globally and Chandrayaan-3’s successful soft landing on the moon boosting sentiments in India,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

India’s Moon mission Chandrayaan-3 touched down on the lunar south pole on Wednesday, making it the first country to land on the uncharted surface.

Global oil benchmark Brent crude declined 0.31 per cent to USD 82.95 a barrel.

The BSE benchmark had climbed 213.27 points or 0.33 per cent to settle at 65,433.30 on Wednesday. The Nifty had gained 47.55 points or 0.25 per cent to end at 19,444.