Markets climb in early trade on firm Asian peers

MUMBAI: Benchmark indices Sensex and Nifty began the trade on an optimistic note on Wednesday mirroring a firm trend in Asian peers and buying in bellwether stock Reliance Industries.

Easing retail inflation also added to the markets' strength.

The 30-share BSE benchmark Sensex climbed 401.53 points to 76,901.16 in early trade. The NSE Nifty advanced 97.5 points to 23,273.55.

From the 30-share blue-chip pack, Maruti, NTPC, Zomato, IndusInd Bank, Power Grid, Kotak Mahindra Bank, Reliance Industries, Adani Ports, Tech Mahindra, and Larsen & Toubro were the biggest gainers.

Bajaj Finserv, Bajaj Finance, Axis Bank and Mahindra & Mahindra were among the laggards.

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

US markets ended mostly higher on Tuesday.

Retail inflation declined to a four-month low of 5.22 per cent in December, mainly on account of easing of prices in the food basket, including vegetables -- according to government data released on Monday -- giving headroom to the Reserve Bank to reduce the key interest rate in upcoming monetary policy reviews.

Global oil benchmark Brent crude climbed 0.14 per cent to USD 80.03 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,132.26 crore on Tuesday, according to exchange data.

The BSE benchmark rose 169.62 points or 0.22 per cent to settle at 76,499.63 on Tuesday. The Nifty climbed 90.10 points or 0.39 per cent to 23,176.05.