Markets climb in early trade on strong buying in IT stocks, HDFC Bank

New Delhi: Benchmark indices Sensex and Nifty climbed in early trade on Tuesday, driven by a strong rally in IT stocks and HDFC Bank.

The 30-share BSE Sensex climbed 233.66 points to 75,022.37 in early trade. The 50-share NSE Nifty was up 63.85 points to 23,462.30.

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Among the 30 Sensex firms, HCL Tech jumped 6.5 percent, Tech Mahindra climbed 5.6 percent, Tata Consultancy Services surged 5.10 percent and Infosys edged higher by 4.83 percent.

HDFC Bank, ITC, Hindustan Unilever and Tata Steel were also among the winners.

Bharat Electronics, Bajaj Finserv, NTPC and Titan were among the laggards.

"A positive for the Indian market is that there is clarity emerging on the choice of HDFC Bank MD and CEO. A quick acceptance of the name of the successor by the RBI can influence the benchmark index significantly," V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Brent crude, the global oil benchmark, traded 1.30 percent higher at USD 107 per barrel.

In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index quoted in positive territory, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index traded lower.

US markets ended lower on Monday.

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The domestic equity markets were closed on Monday on account of Ganesh Chaturthi.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 930.90 crore on Friday, according to exchange data.

On Friday, the Sensex declined 120.83 points, or 0.16 percent, to settle at 74,781.76. The Nifty dipped 79.70 points, or 0.34 percent, to end at 23,398.10.

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