Sensex, Nifty surge in early trade on foreign fund inflows, buying in blue-chip stocks

MUMBAI: Equity benchmark indices Sensex and Nifty surged in early trade on Monday amid fresh foreign fund inflows and buying in blue-chip stocks.

A positive trend in the US markets also powered the rally in the domestic equities.

The 30-share BSE benchmark Sensex jumped 592.78 points to 77,498.29 in early trade. The NSE Nifty surged 169.3 points to 23,519.70.

From the Sensex pack, Power Grid, Kotak Mahindra Bank, Larsen & Toubro, Axis Bank, NTPC, Bajaj Finserv, Reliance Industries and HDFC Bank were the biggest gainers.

Titan, Mahindra & Mahindra, Infosys and UltraTech Cement were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 7,470.36 crore on Friday, according to exchange data.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

US markets ended in the positive territory on Friday.

"The uncanny ability of the market to surprise was evident last week when the Nifty surged by over 4 per cent in a week. The fact that this happened when globally markets were jittery on fears of Donald Trump's reciprocal tariffs kicking in from April 2 is important.

"So, what led to this sudden reversal of trend in the Indian market? Improving macros of the Indian economy and fair valuations have turned FIIs from sellers to buyers," V K Vijayakumar, Chief Investment Strategist, Geojit Investment Services, said.

Global oil benchmark Brent crude dipped 0.40 per cent to USD 71.87 a barrel.

Last week, the BSE benchmark gauge surged 3,076.6 points, or 4.16 per cent, and the Nifty jumped 953.2 points, or 4.25 per cent.

On Friday, the BSE benchmark jumped 557.45 points or 0.73 per cent to settle at 76,905.51. The Nifty climbed 159.75 points or 0.69 per cent to 23,350.40.