Markets rally for 3rd day running; Sensex climbs over 62,000 level in early trade

Mumbai, May 23 (PTI) Benchmark indices began the trade on a positive note on Tuesday, rallying for the third day running, amid fresh foreign fund inflows and continuous buying in IT counters.

The 30-share BSE Sensex climbed 187.61 points to 62,151.29 in early trade. The NSE Nifty advanced 69.35 points to 18,383.75.

Among the Sensex firms, Infosys, Bajaj Finserv, IndusInd Bank, Bajaj Finance, HCL Technologies, Tech Mahindra, Wipro, Tata Consultancy Services, Asian Paints and ITC were the major gainers.

Titan, Kotak Mahindra Bank, Bharti Airtel, Mahindra & Mahindra and Tata Motors were the laggards.

In Asian markets, Seoul and Tokyo were trading in the green, while Shanghai and Hong Kong quoted lower.

The US market ended mostly with gains on Monday.

“The silver lining lies in the fact that the looming June 1st deadline for raising the US debt limit, which could potentially lead to a financial crisis, seems to be having minimal impact on the Nifty,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

US President Joe Biden and House Speaker Kevin McCarthy both said they had a productive debt ceiling discussion late Monday at the White House, but there was no agreement as negotiators strained to raise the nation’s borrowing limit in time to avert a potentially chaotic federal default.

Foreign Institutional Investors (FIIs) turned buyers on Monday as they bought equities worth Rs 922.89 crore after a day’s breather, according to exchange data.

Meanwhile, global oil benchmark Brent crude climbed 0.29 per cent to USD 76.21 a barrel.

The BSE benchmark climbed 234 points or 0.38 per cent to settle at 61,963.68 on Monday. The Nifty rallied 111 points or 0.61 per cent to end at 18,314.40.