Sensex, Nifty Rise: Global Optimism & Retail Investments Drive Market Up

Mumbai, Aug 20 (PTI) Benchmark equity indices Sensex and Nifty climbed in early trade on Tuesday in line with optimism in global markets and steady investments by retail investors.

The 30-share BSE Sensex climbed 338.21 points to 80,762.89 in early trade. The NSE Nifty rallied 87.65 points to 24,660.30.

Among the 30 Sensex firms, Tata Consultancy Services, IndusInd Bank, NTPC, Axis Bank, UltraTech Cement, Power Grid, Infosys and Bajaj Finserv were the major gainers.

Bharti Airtel, Tata Steel, JSW Steel and Tata Motors were among the laggards.

In Asian markets, Seoul and Tokyo traded higher while Shanghai and Hong Kong quoted lower.

The US markets ended in positive territory on Monday.

"Much of the strength and rally at Dalal Street is in the backdrop of steady SIP flows by retail investors. Global factors will be keenly watched as local investors would be eyeing the July FOMC (Federal Open Market Committee) meeting minutes to be released on Wednesday," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,667.46 crore on Monday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought equities worth Rs 1,802.92 crore.

Global oil benchmark Brent crude dipped 0.79 per cent to USD 77.05 a barrel.

In a range-bound trade, the BSE benchmark on Monday slipped 12.16 points or 0.02 per cent to settle at 80,424.68. The NSE Nifty edged up 31.50 points or 0.13 per cent to 24,572.65 in a volatile trade.