Markets trade firm after initial lacklustre trend
Benchmark indices faced a lacklustre trend in early trade on Monday, but later traded higher amid foreign fund inflows and a decline in crude oil prices.
The 30-share BSE Sensex traded flat in early trade, marginally up by 15.81 points to 62,309.45. The broader NSE Nifty quoted 5 points higher at 18,517.75.
Later, both the benchmark indices picked up momentum. The Sensex was trading 103.38 points higher at 62,404.71 at 09:49 hours and the Nifty quoted 24.85 points up at 18,537.60.
Among the Sensex pack, Reliance Industries, Asian Paints, Wipro, Maruti, Tech Mahindra, Kotak Mahindra Bank, Infosys and Bajaj Finserv were the major winners in early trade.
HDFC, Tata Steel, HDFC Bank and IndusInd Bank were among the laggards.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading lower.
Wall Street had ended mostly lower on Friday.
"There are two positives which can impart resilience to the ongoing rally in the market: One, the steady decline in crude which has taken Brent crude to below USD 82. Two, the steady FPI buying (Rs 31,630 crore so far in November) particularly in fundamentally strong segments like financials, IT, autos and capital goods," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
These positives notwithstanding markets are likely to be in wait-and-watch mode for the US Fed chief's speech on Wednesday, he added.
The Sensex had climbed 20.96 points or 0.03 per cent to settle at 62,293.64, its fresh record closing high, on Friday. The Nifty went up by 28.65 points or 0.15 per cent to end at 18,512.75, its all-time high.
International oil benchmark Brent crude was trading 2.58 per cent lower at USD 81.47 per barrel.
Foreign Institutional Investors (FIIs) bought shares worth Rs 369.08 crore on Friday, as per exchange data.