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Equity benchmark indices Sensex and Nifty climbed in early trade on July 26 helped by fresh foreign fund inflows and rally in the U.S. markets.
The 30-share BSE Sensex climbed 270.39 points to 66,626.10. The broader NSE Nifty advanced 69 points to 19,748.85.
From the Sensex pack, Larsen & Toubro jumped 4% and Tata Motors climbed nearly 2%. ITC, Sun Pharma, Reliance Industries and Power Grid were the other major gainers.
Infrastructure major Larsen and Toubro (L&T) on July 25 posted a 36% rise in net profit to ₹3,116.12 crore for the June quarter, mainly aided by execution of a healthy order book in its projects and manufacturing portfolio.
Tata Motors reported a consolidated net profit of ₹3,300.65 crore for the quarter, riding on sharp improvements in performance of its British arm Jaguar Land Rover and commercial vehicles business.
From the 30-share club, HDFC Bank and Asian Paints were the laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.
The U.S. markets ended in the positive territory on July 25.
“Globally, market participants will be closely watching the Fed chief Jerome Powell’s comments about the disinflation process in the U.S. and the likely trend in interest rates. A 25 basis points rate hike, already discounted by the market, will not trigger any market move.
“But if the Fed chief indicates that inflation is coming under control and, therefore, no further rate hikes are needed, that will be a big trigger for markets to move up. But such an outcome is highly unlikely since the Fed will play it safe even if inflation is coming under control,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Meanwhile, global oil benchmark Brent crude was trading 0.42% lower at $83.29 a barrel.
Foreign Institutional Investors (FIIs) were buyers on July 25 as they bought equities worth ₹1,088.76 crore, according to exchange data.
The Sensex had slipped 29.07 points or 0.04% to settle at 66,355.71 on July 25. The Nifty inched up by 8.25 points or 0.04% to end at 19,680.60.
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