Markets climb in early trade after two days of fall

Equity benchmark indices bounced back in early trade on Friday after two days of fall, following a positive trend in global markets.

Also, automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra reporting robust wholesales of passenger vehicles in the domestic market in May and GST collections crossing Rs 1.50 lakh crore for the third month in a row, recording 12 per cent increase in May, added to the optimism.

The 30-share BSE Sensex climbed 291.3 points to 62,719.84 in early trade. The NSE Nifty advanced 85.95 points to 18,573.70.

From the Sensex pack, Tata Steel, UltraTech Cement, Hindustan Unilever, Mahindra & Mahindra, ITC, Tech Mahindra and Titan were the major gainers.

Infosys, IndusInd Bank and HDFC were the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.

The US markets ended higher on Thursday.

GST collections recorded 12 per cent rise in May at over Rs 1.57 lakh crore, according to official data released on Thursday.

Manufacturing activities in India advanced further and touched a 31-month high in May supported by stronger increase in new orders and favourable market conditions, which in turn generated more employment opportunities, a monthly survey said on Thursday.

"Apart from the better-than-expected FY23 GDP growth rate, high frequency indicators like GST collections, manufacturing PMI, auto sales in May and impressive credit growth indicate a robust and steadily improving economy," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra, Toyota Kirloskar Motor on Thursday reported robust wholesales of passenger vehicles in the domestic market for May riding on strong demand for SUVs.

Global oil benchmark Brent crude jumped 0.70 per cent to USD 74.83 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 71.07 crore on Thursday, according to exchange data.

Falling for the second day in a row, the Sensex declined 193.70 points or 0.31 per cent to settle at 62,428.54 on Thursday. The Nifty fell 46.65 points or 0.25 per cent to finish at 18,487.75.