Sensex, Nifty surge in early trade tracking rally in global peers

Equity benchmark indices Sensex and Nifty surged in early trade on Friday following a sharp rally in global markets along with buying in IT stocks and Reliance IndustriesThe 30share BSE Sensex jumped 80596 points to 7991184 in early trade The NSE Nifty surged 25205 points to 2439580All the 30 Sensex firms were trading higher in early trade Mahindra amp Mahindra Tata Motors Tech Mahindra Tata Consultancy Services HCL Technologies Reliance Industries ICICI Bank JSW Steel Infosys and IndusInd Bank were the biggest gainersIn Asian markets Seoul Tokyo Shanghai and Hong Kong were trading significantly higher The US markets ended with sharp gains on ThursdayGlobally stock markets have turned around smartly from the August 5th sell off triggered by US recession fears and the unwinding of the yen carry trade Latest data on US inflation and unemployment relief do not indicate an economy tipping into recession On the other hand the 2937 annual inflation number and slightly softening labour markets set the stage for a Fed rate cut in September which the market is pencilling in now V K Vijayakumar Chief Investment Strategist Geojit Financial Services said while talking about stock market update reported PTIStrong global cues are supportive for the Indian markets Of the three global risks at the start of the week all three have watered down considerably Diplomacy has avoided an Iran attack on Israel US CPI and PPI numbers show a deflationary trend and lower unemployment benefit claims numbers lifted the chances of a soft landing in the US economy Ajay Bagga Banking and Market Expert told ANIForeign Institutional Investors FIIs offloaded equities worth Rs 259527 crore on Wednesday while Domestic Institutional Investors DIIs were buyers as they bought equities worth Rs 223621 crore according to exchange dataGlobal oil benchmark Brent crude dipped 025 per cent to USD 8084 a barrelTraders are likely to adopt a riskon 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 while talking about stock market update reported PTIThe Indian stock markets were closed on Thursday on account of Independence DayThe BSE benchmark climbed 14985 points or 019 per cent to settle at 7910588 on Wednesday The NSE Nifty ended marginally up by 475 points or 002 per cent at 2414375With inputs from PTI and ANI