Markets rally on firm Asian shares, buying in power, utility stocks

Equity benchmark indices Sensex and Nifty rallied in early trade on Monday, tracking firm trends in Asian markets and buying in power and utilities shares.

The 30-share BSE Sensex climbed 324.67 points or 0.44 per cent to 74,657.25 in the morning trade. On the similar lines, the Nifty of NSE rose 98.45 points or 0.44 per cent to 22,650.95.

From the Sensex pack, Power Grid, Bajaj Finance, Bajaj Finserv, NTPC, Hindustan Unilever, Adani Ports, Bharti Airtel, Nestle India, HCL Technologies and Infosys were among the gainers.

On the other hand, IndusInd Bank, Mahindra & Mahindra, Zomato, Titan, Larsen & Toubro and Maruti Suzuki India were the laggards.

 

Devarsh Vakil, Head of Prime Research, HDFC Securities, said, "Market volatility persisted amid uncertainty over President Trump's announced tariffs -- 25 per cent on Canadian and Mexican imports and an additional 10 per cent on Chinese imports-- though the administration later announced various exemptions and delays."  In Asian markets, Tokyo and Seoul were trading higher, while Shanghai and Hong Kong were quoting in the red zone.

US markets ended on a positive note on Friday.

Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,035.10 crore, while Domestic Institutional Investors (DIIs) outnumbered the FIIs by acquiring equities worth Rs 2,320.36 crore on Friday, according to exchange data.

Global oil benchmark Brent crude went lower by 0.51 per cent to USD 70 a barrel.

On Friday, snapping its two-day winning streak, the 30-share BSE Sensex slipped 7.51 points to end at 74,332.58. However, the broader Nifty of NSE edged up 7.80 points to close at 22,552.50.