market trading firm in early trade; Sensex rises 672 points

Equity indices climbed 672 points in early trade on Tuesday, helped by continued buying in banking counters and recovery in global markets.

Inflow of foreign funds also added to the momentum.

The 30-share BSE Sensex jumped 672.06 points to 59,813.29 in early trade. The NSE Nifty rose 209.5 points to 17,831.75.

All 30-share Sensex packs were trading in the green in early trade, with IndusInd Bank, Bajaj Finserv, Bajaj Finance, Axis Bank, ICICI Bank, Larsen & Toubro and Tata Steel emerging as major winners.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Indian market continues to remain resilient despite global challenges. Major indices like Nifty Bank, Auto, FMCG and Cement are at record levels dragging only IT benchmarks.”

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading higher.

US markets closed with gains on Monday.

The BSE benchmark closed 300.44 points or 0.51% higher at 59,141.23 on Monday. Nifty rose 91.40 points, or 0.52%, to 17,622.25.

Meanwhile, international oil benchmark Brent crude climbed 0.21% to $92.19 a barrel.

Foreign institutional investors (FIIs) on Monday bought shares worth Rs 312.31 crore and became buyers, according to data available with BSE.