Market extend winning momentum for 2nd day running on foreign fund inflows, rally in US equities

MUMBAI: Benchmark equity indices climbed in early trade on Thursday, extending their previous day's rally, on foreign fund inflows and positive trend in the US markets.

The 30-share BSE Sensex climbed 342.48 points to 73,338.79 in early trade. The NSE Nifty went up by 96.25 points to 22,219.90.

From the Sensex basket, Bajaj Finserv, Bajaj Finance, ICICI Bank, State Bank of India, Power Grid and Infosys were the major gainers.

HCL Technologies, Maruti, Tech Mahindra and Asian Paints were among the laggards.

In Asian markets, Shanghai and Hong Kong traded in the positive territory while Tokyo and Seoul quoted lower.

Wall Street ended higher on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,170.32 crore on Wednesday, according to exchange data.

"In the final trading session of the week, month, and fiscal year 2023-24, heightened volatility is expected, driven by the March F&O expiry. Investors are poised for bargain hunting as optimism pervades Dalal Street, with positive catalysts including significant FII buying and a global stock market rally," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude climbed 0.24 per cent to USD 86.30 a barrel.

The BSE benchmark climbed 526.01 points or 0.73 per cent to settle at 72,996.31 on Wednesday. The NSE Nifty went up by 118.95 points or 0.54 per cent to 22,123.65.

Equity markets would remain closed on Friday for 'Good Friday'.