Markets inch higher in early trade on fresh foreign fund inflows, rally in US stocks

Mumbai: Benchmark indices Sensex and Nifty began the trading session on an optimistic note on Friday amid fresh foreign fund inflows and a rally in the US markets. Rallying for the fourth day running, the 30-share BSE Sensex climbed 229.22 points to 83,985.09 in early trade. The 50-share NSE Nifty went up 73.5 points to 25,622.50. From the 30-Sensex firms, Larsen & Toubro, Tata Steel, State Bank of India, Tata Motors, HCL Tech, and Bharat Electronics were among the major gainers.

Bajaj Finserv, HDFC Bank, Bajaj Finance, and Kotak Mahindra Bank were among the laggards. Foreign Institutional Investors (FIIs) bought equities worth Rs 12,594.38 crore on Thursday, according to exchange data. In Asian markets, Japan's Nikkei 225 index traded higher while South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng were quoting lower. US markets ended in the positive territory on Thursday. Meanwhile, an RBI report has suggested that all banks should bring down their lending rates for speedy transmission of the policy rate, which was lowered by 50 basis points earlier this month. An article published in the Reserve Bank's June Bulletin stressed that the financial conditions remained conducive to facilitating an efficient transmission of rate cuts. Global oil benchmark Brent crude climbed 0.49 per cent to USD 68.06 a barrel. On Thursday, the Sensex had jumped 1,000.36 points, or 1.21 per cent, to settle at 83,755.87. The Nifty rallied 304.25 points, or 1.21 per cent, to 25,549.