Share market climb in early trade on firm global trends, foreign fund inflows

Mumbai: Equity benchmark indices rallied in early trade on Tuesday tracking a positive trend in the global markets and unabated foreign fund inflows.

Buying in index major Reliance Industries also added to the positive momentum in the equity markets.

The 30-share BSE Sensex jumped 356.13 points to 65,700.30 in early trade. The NSE Nifty climbed 102.45 points to 19,458.35.

From the Sensex pack, Bajaj Finance, Bajaj Finserv, Maruti, Mahindra & Mahindra, IndusInd Bank, Larsen & Toubro, Reliance Industries and Titan were the major gainers.

Wipro emerged as the only laggard from the 30-share pack.

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

The US markets ended in the positive territory on Monday.

Foreign Institutional Investors (FIIs) continued their buying momentum as they bought equities worth Rs 588.48 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.53 per cent to USD 78.10 a barrel.

"Overnight rally in the US markets and early gains in Asian gauges could fuel optimism in local shares, as investors are likely to follow suit and maintain the buying momentum.

"However, caution may prevail at a later stage due to focus on two big catalysts - the US June CPI numbers to be released on Wednesday, and the likely hike in interest rates by the US Fed at its FOMC meeting on July 26," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

The BSE benchmark gained 63.72 points or 0.10 per cent to settle at 65,344.17 on Monday. The Nifty advanced 24.10 points or 0.12 per cent to end at 19,355.90.