Markets trade firm in early trade

MUMBAI: Equity benchmarks climbed in early trade on Monday, bouncing back from a two-day sharp fall in the market.

The 30-share BSE benchmark Sensex rose 98.89 points to 59,429.79. The broader NSE Nifty gained 46.35 points to 17,650.70.

From the Sensex pack, Bajaj Finserv, Bajaj Finance, NTPC, ITC, UltraTech Cement, State Bank of India, Maruti and Mahindra & Mahindra were among the major winners.

Power Grid, Hindustan Unilever, Bharti Airtel, Titan, Tata Steel, IndusInd Bank, HDFC and HDFC Bank were among the laggards.

Elsewhere in Asia, equity markets in Seoul and Hong Kong were trading lower, while Tokyo and Shanghai quoted in the green.

Markets in the US had ended higher on Friday.

The Sensex had tanked 874.16 points or 1.45 per cent to settle at 59,330.90 on Friday. The Nifty fell 287.60 points or 1.61 per cent to end at 17,604.35.

International oil benchmark Brent crude dipped 0.17 per cent to USD 86.51 per barrel.

Foreign Institutional Investors (FIIs) offloaded shares worth Rs 5,977.86 crore on Friday, according to exchange data.

Meanwhile, shares of Adani Group companies witnessed mixed trends in early trade on Monday, with flagship Adani Enterprises surging 10 per cent even as most of the group firms fell, a day after it released a 413-page response to allegations of wrongdoing by US-based short seller Hindenburg Research.

Four of the Adani Group companies were in the positive territory, while at least five others were in the red amid a positive trend in the broader market.

''During the week, interest-rate decisions from the Federal Reserve, Union Budget presentation, and the January automobile sales data would determine the mood of the markets,'' said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.