Markets climb in early trade on buying in Reliance, banking counters

Equity benchmarks gained early on Friday thanks to buying in index-leading Reliance Industries and banking counters, as well as fresh inflows of foreign funds. The 30-share BSE benchmark gained 261.95 points to 60,018.79, extending its previous day’s rally.The broader NSE Nifty rose 68.85 points to 17,805.80 in a similar manner.
Reliance Industries, HDFC, Bajaj Finance, Bajaj Finserv, NTPC, Maruti, and Kotak Mahindra Bank emerged victorious from the Sensex pack.

Among the laggards were Tata Steel, Sun Pharma, Nestle, and ICICI Bank. Somewhere else in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong exchanged lower. On Thursday, Wall Street had ended on a mixed note.
On Thursday, the BSE benchmark gained 212.88 points, or 0.36%, to close at 59,756.84.The Nifty rose 0.46 percent, or 80.60 points, to 17,736.95 at the close. “Despite the fact that short-term valuations in India appear high, there are favorable factors that have the potential to raise the market.The US 10-year bond yield has fallen below 4%, which will encourage FPIs to buy rather than sell in the near future. This is a significant positive.According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “encouraging Q2 results will provide fodder for the bulls.”

Brent crude, the international standard for oil, was trading at USD 96.18 per barrel, down 0.8%.
According to exchange data, foreign institutional investors (FIIs) turned buyers on Thursday and purchased shares for Rs 2,818.40 crore.


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