Equity markets climb in early trade amid rally in global stock indices

From the Sensex pack, Axis Bank, Mahindra & Mahindra, ICICI Bank, Power Grid and Tata Motors were the major gainers

Benchmark stock indices Sensex and Nifty climbed in early trade on Monday, extending their previous day's rally, amid optimistic trend in global markets.

The 30-share BSE Sensex jumped 367.98 points to 62,915.09 in early trade. The NSE Nifty advanced 75.35 points to 18,609.50.

From the Sensex pack, Axis Bank, Mahindra & Mahindra, ICICI Bank, Power Grid, Tata Motors, Sun Pharma, Larsen & Toubro, ITC, UltraTech Cement and NTPC were the major gainers.

Tech Mahindra, Asian Paints, Hindustan Unilever and IndusInd Bank were the laggards.

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

The US markets ended significantly higher on Friday.

US President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.

"US stocks jumped on Friday, with the Dow Jones Industrial Average closing up 701 points, after the May jobs report showed the labour market is in surprisingly strong shape despite the Federal Reserve’s aggressive tightening of monetary policy in the past year and as investors cheered the Senate passing the debt-ceiling bill," said Deepak Jasani, Head of Retail Research, HDFC securities.

Global oil benchmark Brent crude jumped 1.17 per cent to $77.02 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 658.88 crore on Friday, according to exchange data.

The Sensex climbed 118.57 points or 0.19 per cent to settle at 62,547.11 on Friday. The Nifty advanced 46.35 points or 0.25 per cent to finish at 18,534.10.