Nifty, Sensex hover near day's high on firm global trends, foreign fund inflows

• Key contributors towards the hike include Reliance Industries along with Bajaj Finance.
• In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong are all trading in the green.
• FIIs continued their buying momentum as they bought equities worth Rs 588.48 crore on Monday.

Equity benchmark indices, the Nifty50 and BSE Sensex, have rallied in the first hour of trade on Tuesday tracking a positive trend in the global markets and unabated foreign fund inflows. Buying in index major Reliance Industries also added to the positive momentum in the equity markets.

The 30-share BSE Sensex has jumped close to 400 points to trade at 65,763 and the NSE Nifty is up 0.6% and is hovering a tad below 19,500 at the time of publishing this copy.

From the Sensex pack, Bajaj Finance, Bajaj Finserv, Maruti, Mahindra & Mahindra, IndusInd Bank, Larsen & Toubro, Reliance Industries and Titan were the major gainers.

Wipro emerged as the only laggard from the 30-share pack.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. The US markets ended in the positive territory on Monday.

Foreign Institutional Investors (FIIs) continued their buying momentum as they bought equities worth Rs 588.48 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.53% to USD 78.10 a barrel.

"Overnight rally in the US markets and early gains in Asian gauges could fuel optimism in local shares, as investors are likely to follow suit and maintain the buying momentum.

"However, caution may prevail at a later stage due to focus on two big catalysts - the US June CPI numbers to be released on Wednesday, and the likely hike in interest rates by the US Fed at its FOMC meeting on July 26," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

The BSE benchmark gained 63.72 points or 0.10% to settle at 65,344.17 on Monday. The Nifty advanced 24.10 points or 0.12% to end at 19,355.90.

(Text input from PTI)