Markets trade firm in early trade; Sensex climbs 672 points

Mumbai: Equity indices climbed in early trade on Tuesday, with the Sensex rallying 672 points, helped by continuous buying in banking counters and recovery in global markets.

Foreign fund inflows also added to the momentum.

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

All the 30-share Sensex pack of firms 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.

"The Indian market continues to show resilience despite global challenges. Major indices like Nifty bank, auto, FMCG and cement are at record levels with only IT dragging the benchmarks," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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

The US markets ended with gains on Monday.

The BSE benchmark ended 300.44 points or 0.51 per cent higher at 59,141.23 on Monday. The Nifty went higher by 91.40 points or 0.52 per cent to 17,622.25.

Meanwhile, the international oil benchmark Brent crude climbed 0.21 per cent to USD 92.19 per barrel.

Foreign institutional investors (FIIs) turned buyers as they bought shares worth Rs 312.31 crore on Monday, according to data available with the BSE.