Share Market Today: Sensex, Nifty Zoom In Early Trade. IT, Auto Stock Gain

Share Market Today: On the 30-share Sensex platform, M&M, TCS, Tata Motors, TechM, HCLTech, Infosys emerged early gainers

Share market today: The two key equity benchmarks, Sensex and Nifty, on Friday soared in early trade, tracking a sharp rally in global markets along with buying in IT stocks and Reliance Industries. The BSE Sensex, which opened nearly 600 points higher, later pared some its gains. At 10.20 am, the BSE Sensex rose 420 points to 79,525. On the other hand, the NSE Nifty50 was trading at 24281, up 137 points.

Stock update

On the 30-share Sensex platform, M&M, TCS, Tata Motors, TechM, HCLTech, Infosys emerged early gainers. On the down side, Titan, Asian Paints, Sun Pharma, Maruti, Bajaj Finance, HUL were among the losers.

In the broader markets, Nifty Smallcap advanced 1 per cent, while Midcap gained 0.82 per cent higher.

Sectoral update

All the sectoral indices are trading in the green, with Nifty Auto, IT, metal, oil and gas, and media were the top gainers, up over 1.30 per cent each.

The Indian stock markets were closed on Thursday on account of Independence Day.

In the previous session on Wednesday, the BSE benchmark climbed 150 points to settle at 79,106, while the NSE Nifty50 closed marginally higher by 5 points at 24,144.

"Traders are likely to adopt a risk-on approach, driven by strong cues from Wall Street, the expectation of a rate cut by the Federal Reserve in September, and robust US retail sales figures, which have eased recession concerns," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Global update

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading significantly higher. The US markets ended with sharp gains on Thursday.

Global oil benchmark Brent crude dipped 0.25 per cent to $80.84 a barrel.

Rupee turns flat

The Indian rupee turned flat at 83.94 against the US dollar in early trade on Friday amid concerns over elevated crude oil prices and the outflow of foreign capital from domestic equity markets. However, a positive sentiment in the domestic as well as global equity markets and a weak American currency supported the rupee, forex traders said.

At the interbank foreign exchange, the rupee opened at 83.93 and slipped further to trade at its previous session's closing level of 83.94 against the greenback. On Wednesday, the rupee settled 3 paise higher at 83.94 against the US dollar. The forex markets were closed on Thursday on account of the Independence Day.