Markets rally in early trade on firm Asian markets, buying in HDFC Bank, SBI

Benchmark equity indices rallied in early trade on Tuesday tracking firm trends in Asian markets and buying in blue-chips HDFC Bank and State Bank of India.

The 30-share BSE Sensex climbed 237.05 points to 77,578.13 in early trade. The Nifty went up by 65.8 points to 23,603.65.

Among the 30 Sensex companies, HDFC Bank, UltraTech Cement, Mahindra & Mahindra, Bajaj Finance, State Bank of India and Tata Steel were the biggest gainers.

HCL Technologies, Bajaj Finserv, NTPC and Asian Paints were among the laggards.

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

US markets ended on a mixed note on Monday.

India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday.

This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode.

"A positive news from the market perspective is the current account turning surplus in Q4 FY24. This will take away the pressure on the rupee and pave the way for FII inflows when clarity emerges on the Fed rate cuts," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.02 per cent to USD 85.99 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 653.97 crore on Monday, according to exchange data.

The BSE benchmark ended 131.18 points or 0.17 per cent higher at 77,341.08 on Monday. The Nifty went up 36.75 points or 0.16 per cent to settle at 23,537.85.