Sensex, Nifty rise in early trade on buying in bank stocks, Reliance Industries

New Delhi/Mumbai: Benchmark indices Sensex and Nifty climbed in early trade on Tuesday, extending their gains from the previous session, supported by buying in bank stocks, Reliance Industries and positive global cues.

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The 30-share BSE Sensex advanced 120.22 points to 72,535.41 in early trade, while the 50-share NSE Nifty gained 47.15 points to 22,603.10.

Among the 30 Sensex companies, Trent surged more than 11 percent. Kotak Mahindra Bank, Axis Bank, Hindustan Unilever, Reliance Industries and InterGlobe Aviation were also among the gainers.

Tech Mahindra, ITC, Mahindra & Mahindra and Infosys were among the laggards.

“Indian equity markets are expected to remain broadly steady, with easing crude prices providing some support to market sentiment. WTI crude is currently trading around the USD 89-90 per barrel range after oil prices declined amid signs of improving crude shipments from the Middle East,” said Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm.

Asian markets were trading marginally higher in early trade, providing a mildly supportive global cue for Indian equities, he added.

Brent crude, the global oil benchmark, was trading 0.16 percent higher at USD 100.5 per barrel.

In Asian markets, Japan’s Nikkei 225 and Hong Kong’s Hang Seng index were trading in positive territory.

“Positive overnight cues from global equities should support the opening, although the rise in the US 10-year Treasury yield to 5.31 percent could limit follow-through by keeping foreign flows and emerging-market valuations under pressure,” said Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, a research analyst firm.

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Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth Rs 4,699.14 crore on Monday, according to exchange data.

In the previous session, the Sensex jumped 472.77 points, or 0.66 per cent, to settle at 72,382.47, while the Nifty climbed 133.80 points, or 0.60 per cent, to end at 22,555.75.

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