Markets rally in early trade tracking firm global peers

Mumbai, Sep 20 (PTI) Domestic equity indices Sensex and Nifty climbed in early trade on Friday tracking a rally in global markets after the US Federal Reserve cut its benchmark interest rate after more than four years.

The 30-share BSE Sensex jumped 439.75 points to 83,624.55 in early trade. The NSE Nifty climbed 132.05 points to 25,547.85.

From the 30 Sensex firms, JSW Steel, Tata Steel, Mahindra & Mahindra, Larsen & Toubro, Bajaj Finserv and Maruti were the biggest gainers.

NTPC, Titan, Tata Motors, Asian Paints, Tech Mahindra and Axis Bank were among the laggards.

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

The US markets ended remarkably higher on Thursday.

“The Dow and S&P 500 setting yet another record highs yesterday is indicative of the strength of this ongoing global bull run led by the mother market US,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

The BSE benchmark Sensex climbed 236.57 points or 0.29 per cent to settle at a lifetime high of 83,184.80 on Thursday. During the day, it jumped 825.38 points or 0.99 per cent to scale a new all-time intra-day high of 83,773.61.

The Nifty gained 38.25 points or 0.15 per cent to 25,415.80. During the day, it surged 234.4 points or 0.92 per cent to hit a fresh intra-day peak of 25,611.95.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,547.53 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude dipped 0.17 per cent to USD 74.75 a barrel.