Markets continue to climb; Sensex gains 471 points in early trade

Mumbai: Equity benchmark indices continued to rally for the third straight session on Monday amid favourable trends in global markets. The 30-share BSE Sensex jumped 471.45 points to 64,835.23 points in early trade. The Nifty climbed 126.75 points to 19,357.35 points.

Among the Sensex firms, Larsen & Toubro, Axis Bank, Nestle, JSW Steel, IndusInd Bank and Mahindra & Mahindra were the biggest gainers. State Bank of India and Tata Motors were the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. The US markets ended in the positive territory on Friday.

"The market construct now is favourable for the bulls despite the uncertainty surrounding the Israel-Hamas conflict. The sharp decline in the US 10-year bond yield from the October high of 5 percent to 4.58 percent now is the strongest tailwind for the market," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

Global oil benchmark Brent crude climbed 0.37 percent to USD 85.20 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 12.43 crore on Friday, according to exchange data.

On Friday, the BSE benchmark climbed 282.88 points or 0.44 percent to settle at 64,363.78 points while the Nifty rose 97.35 points or 0.51 percent to 19,230.60 points.

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