Stock markets trade higher in early deals

Mumbai: Equity benchmark indices Sensex and Nifty advanced in early trade on Friday, after hitting record highs in the previous session, helped by buying in blue-chip Reliance Industries and rate cut optimism.

The 30-share BSE Sensex climbed 103.96 points to 85,824.34 in early trade. The 50-share NSE Nifty went up by 36.2 points to 26,251.75.

From the Sensex firms, Mahindra & Mahindra, Reliance Industries, Hindustan Unilever, Titan, Tech Mahindra and Tata Motors Passenger Vehicles were among the major gainers.

However, Axis Bank, Power Grid, Adani Ports and Asian Paints were among the laggards.

"Wall Street was shut for Thanksgiving, leaving Indian markets to chart their own course ahead of today's Q2 GDP print. The mood stays buoyant, powered by hopes of dual rate cuts from the US Fed and RBI, and optimism on a potential US–India trade deal, even as FIIs turned sellers to the tune of Rs 1,255 crore," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng index were trading lower while Shanghai's SSE Composite index quoted in positive territory.

US markets were closed on Thursday due to the Thanksgiving holiday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,255.20 crore on Thursday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 3,940.87 crore, according to exchange data.

Brent crude, the global oil benchmark, climbed 0.36 per cent to USD 63.57 per barrel.

Rising for the second day on Thursday, the Sensex climbed 110.87 points or 0.13 per cent to settle at 85,720.38. During the day, it hit a record high of 86,055.86. The Nifty ended marginally higher by 10.25 points or 0.04 per cent at 26,215.55. During the day, the benchmark hit an all-time high of 26,310.45.