Markets climb in early trade on HDFC Bank, Reliance support
The Hindu
BSE Sensex and NSE Nifty rise in early trade, fueled by positive monsoon forecast and election anticipation.
Benchmark equity indices climbed in early trade on Tuesday amid buying in HDFC Bank and Reliance Industries along with a positive monsoon forecast.
The 30-share BSE Sensex climbed 194.9 points to 75,585.40 in early trade. The NSE Nifty went up by 59.95 points to 22,992.40.
From the Sensex firms, NTPC, JSW Steel, Tata Steel, Wipro, State Bank of India, Larsen & Toubro, Bajaj Finance, Mahindra & Mahindra, HDFC Bank and Reliance Industries were the biggest gainers.
Tech Mahindra, ITC, Power Grid, Asian Paints and Titan were among the laggards.
Equity benchmarks were on a record-breaking rally for the third straight day on Monday ahead of the results of Lok Sabha polls.
The results of the ongoing general elections will be declared on June 4.
"Nifty is expected to continue its upward trend, though key events like the exit poll results, GDP data, and May F&O expiry could influence the market. Positive monsoon forecasts are likely to support agricultural output and economic growth," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
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