Equity markets turn flat after rallying in early trade amid volatile trends

Benchmark equity indices climbed in early trade on Thursday but faced highly volatile trends and were soon trading flat amid the lack of any immediate market moving triggers.

The 30-share BSE Sensex climbed 250.72 points to 77,588.31 in early trade. The NSE Nifty went up by 71.7 points to 23,587.70.

However, both the benchmark indices faced heavy volatility and were quoting betweem highs and lows.

Among the 30 Sensex companies, Kotak Mahindra Bank, Tata Motors, UltraTech Cement, HDFC Bank, Mahindra & Mahindra and Reliance Industries were among the biggest gainers.

Sun Pharma, Power Grid, Bajaj Finserv and Bajaj Finance were among the laggards.

In Asian markets, Seoul traded in the green while Tokyo, Shanghai and Hong Kong quoted lower.

US markets markets were closed on Wednesday in observance of Juneteenth.

Foreign Institutional Investors (FIIs) bought equities worth Rs 7,908.36 crore on Wednesday, according to exchange data.

Global oil benchmark Brent crude climbed 0.64 per cent to USD 85.07 a barrel.

Rallying for the fifth straight session on Wednesday, the BSE benchmark climbed 36.45 points or 0.05 per cent to settle at a new closing high of 77,337.59. During the day, it soared 550.49 points or 0.71 per cent to hit the fresh lifetime peak of 77,851.63.

The Nifty ended at 23,516, down 41.90 points or 0.18 per cent. Intra-day, it rose 106.1 points or 0.45 per cent to hit a new record of 23,664.