Markets jump in early trade, Sensex reclaims 63,000-mark

PTI, May 29, 2023, 10:17 AM IST

Representative image (Source: Pexels)

Mumbai: Equity benchmark indices jumped in early trade on Monday, with the Sensex reclaiming the crucial 63,000-mark, amid positive trends in the US markets and continuous foreign fund inflows.

Rallying for the third day running, the 30-share BSE Sensex jumped 507.22 points to 63,008.91 in early trade. The NSE Nifty climbed 141.85 points to 18,641.20.

From the Sensex pack, Mahindra & Mahindra, HDFC, IndusInd Bank, Bajaj Finserv, HDFC Bank, Kotak Mahindra Bank, Bharti Airtel, Titan, UltraTech Cement and Bajaj Finance were the major gainers.

Power Grid and HCL Technologies were the laggards.

In Asian markets, Tokyo and Shanghai were trading in the green, while Hong Kong quoted lower.

The US market ended with significant gains on Friday.

With days to spare before a potential first-ever government default, US President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation’s debt ceiling and worked to ensure enough Republican and Democratic votes to pass the measure in the coming week.

“The ‘in principle’ deal on US debt ceiling is a near-term relief to stock markets and, therefore, can aid continuation of the ongoing rally which can take Nifty to new record highs,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought equities worth Rs 350.15 crore, according to exchange data.

Meanwhile, global oil benchmark Brent crude jumped 0.71 percent to USD 77.50 a barrel.

The Sensex jumped 629.07 points or 1.02 percent to settle at 62,501.69 on Friday. The Nifty climbed 178.20 points or 0.97 percent to end at 18,499.35.