Share market benchmarks climb in early trade after two days of fall

Mumbai: Equity benchmark indices climbed in early trade on Monday after falling in the past two trading sessions amid optimism in the US markets and buying in IT counters.

The 30-share BSE Sensex climbed 158.02 points to 62,783.65 in early trade. The NSE Nifty advanced 70.2 points to 18,633.60.

From the Sensex pack, Infosys, HCL Technologies, Tata Steel, Bajaj Finance, Tech Mahindra, Tata Motors, Mahindra & Mahindra and Tata Consultancy Services were the major gainers.

Larsen & Toubro, Titan, Reliance Industries, Axis Bank, and IndusInd Bank were among the laggards.

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

The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude declined 1.12 per cent to USD 73.95 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 308.97 crore on Friday, according to exchange data.

The 30-share BSE benchmark fell 223.01 points or 0.35 per cent to settle at 62,625.63 on Friday. The Nifty went lower by 71.15 points or 0.38 per cent to end at 18,563.40.

"This week, markets will react to a flurry of important economic data. US inflation data on 13th (June), Federal Open Market Committee (FOMC) rate decision on 14th, European Central Bank (ECB) rate decision on 15th, and India's IIP and May CPI data today will give an indication of the likely economic and market direction.

"Markets are approaching these data points with cautious optimism as reflected in bullish market conditions," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.