Sensex, Nifty surge in early trade on buying in Reliance Industries, foreign fund inflows

Equity benchmark indices Sensex and Nifty rebounded in early trade on Monday amid sustained foreign fund inflows and a sharp rally in blue-chip stock Reliance Industries.

A firm trend in global markets also propelled rally in the domestic equities.

The 30-share BSE benchmark gauge jumped 456.05 points to 79,668.58 in early trade. The NSE Nifty rallied 112.85 points to 24,152.20.

From the Sensex firms, Reliance Industries climbed 3 per cent after the firm reported a 2.4 per cent rise in March quarter net profit as store rationalisation in retail business and improved margins in telecom helped offset weakness in mainstay oil and petrochemicals business and higher finance cost.

Mahindra & Mahindra, ICICI Bank, Tata Steel, State Bank of India, Kotak Mahindra Bank, IndusInd Bank, Larsen & Toubro and NTPC were also among the gainers.

HCL Tech, Tech Mahindra, Tata Consultancy Service, Bajaj Finance and Nestle were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,952.33 crore on Friday, according to exchange data.

The heightened uncertainty relating to Indo-Pak tensions will weigh on the markets, he added.