Stock markets rally in early trade on buying in banking counters

Equity benchmark indices Sensex and Nifty were trading in the positive territory in early trade on Monday, propelled by buying in bank stocks.

The 30-share BSE Sensex advanced 67.62 points to 81,274.79 in opening trade. The 50-share NSE Nifty went up by 22.3 points to 24,916.55.

Later, both the key benchmark indices extended their rally. The BSE benchmark gauge quoted 170.85 points higher at 81,376.75, and the Nifty traded 50.40 points up at 24,944.30.

From the Sensex firms, Bajaj Finance, Kotak Mahindra Bank, Bajaj Finserv, Axis Bank, Tata Consultancy Services, HCL Tech, HDFC Bank and Eternal were among the major gainers.

However, Power Grid, Adani Ports, Tata Steel and Tata Motors were among the laggards.

In Asian markets, Japan’s Nikkei 225 index traded sharply higher, while Hong Kong’s Hang Seng index quoted lower.

US markets ended on a mixed note on Friday.

“The positive sentiments triggered by the growth-stimulating monetary policy face headwinds from the continuing FII selling, but can be sustained by positive news on growth and corporate earnings for FY27,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Global oil benchmark Brent crude jumped 1.44 per cent to USD 65.46 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,583.37 crore on Friday, according to exchange data.

On Friday, the Sensex climbed 223.86 points or 0.28 per cent to settle at 81,207.17. The Nifty edged higher by 57.95 points or 0.23 per cent to 24,894.25.