Stock markets surge in early trade tracking rally in global peers   

Equity benchmark indices Sensex and Nifty surged in early trade on Thursday, tracking a rally in global markets amid US Fed rate cut hopes.

Fresh foreign fund inflows also added to the markets’ optimism during the initial trade.

The 30-share BSE Sensex jumped 407.67 points to 83,013.10 in early trade. The 50-share NSE Nifty surged 104 points to 25,427.55.

From the Sensex firms, Axis Bank climbed 3 per cent, a day after announcing its September quarter earnings.

Adani Ports, Titan, Eternal, Kotak Mahindra Bank, Tata Motors and Bharat Electronics were also among the gainers.

However, Infosys, Tata Steel, Tata Consultancy Services and Sun Pharma were the laggards.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, and Shanghai's SSE Composite index were trading in the positive territory while Hong Kong's Hang Seng quoted lower.

US markets ended mostly higher on Wednesday.