People walk past the Bombay Stock Exchange building in Mumbai. file | Photo Credit: PTI
Market benchmark indices advanced in early trade on Thursday, climbing for the fourth straight day amid fresh foreign fund inflows and buying in index major Reliance Industries.
BSE’s 30-share Sensex climbed 88.71 points to reach 60,389.29 points. The broader NSE Nifty rose 19.40 points to 17,833.
From Sensex firms, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, IndusInd Bank, ITC, Reliance Industries, Larsen & Toubro and Mahindra & Mahindra were the major winners.
Power Grid, Tata Consultancy Services, Wipro, Asian Paints, Hindustan Unilever and Axis Bank were among the laggards.
In Asian markets, Seoul and Shanghai were trading in the green while Japan and Hong Kong declined.
On Wednesday, US markets mostly closed with losses.
“With the current month’s F&O ending today, caution may be warranted. Fears of a recession in the US are reappearing amid renewed concerns about the wider impact from the recent banking crisis.
“Besides, the possibility of more rate hikes by the US Fed and key European countries may cap further upside. However, positive catalysts such as crude oil prices falling below $80 per barrel and FIIs becoming net buyers of local stocks May limit the downside in the near term,” said Prashant Taapsee, senior VP (research), Mehta Equities Ltd.
On Wednesday, the BSE benchmark climbed 169.87 points, or 0.28%, to close at 60,300.58.
The Nifty closed at 17,813.60, up 44.35 points or 0.25%.
Meanwhile, global oil benchmark Brent crude rose 0.48% to $78.06 per barrel.
Foreign institutional investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 1,257.48 crore, according to exchange data.