Stock markets update: Equity benchmark indices opened higher in early trade on Thursday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 41.65 points to 74,262.71. Meanwhile, the Nifty was also up by 20.1 points to 22,617.90.
Among the Sensex firms, Larsen & Toubro, Asian Paints, Axis Bank, State Bank of India, Reliance Industries, Wipro, Titan and Bharti Airtel were the major gainers. Power Grid, Sun Pharma, JSW Steel and Tata Steel were the laggards.
The Reserve Bank of India will pay a record Rs 2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of what was budgeted expectation, helping shore up revenue ahead of a new government taking office. The RBI board, at its 608th meeting on Wednesday, approved the transfer of surplus, the central bank said in a statement.
In Asian markets, Seoul and Tokyo were trading in the green while Shanghai and Hong Kong quoted lower. Wall Street ended in negative territory on Wednesday. Global oil benchmark Brent crude declined 0.40 per cent to USD 81.57 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 686.04 crore on Wednesday, according to exchange data.
Sensex rallied three times in last 10 years: PM
Meanwhile, Prime Minister Narendra Modi has asserted that the BJP is on track to form the government for a record third term and the victory of the party will also result in record numbers on the country's stock exchange market. "I can say with confidence that on June 4, as the BJP hits record numbers, the stock market will also hit new record highs," PM Modi said in an interview with the Economic Times.
PM Modi also highlighted that the investors have shown confidence in his government. "The trust the stock market places in us is evident in its remarkable performance over the past decade. When we took office, the Sensex was around 25000 points. Today, it stands at around 75000 points, reflecting a historic rise. Recently, we reached a whopping USD 5 trillion market cap for the first time ever," the PM said.
(With inputs from agencies)
