Markets continue to rally in early trade amid firm global trends

After a firm beginning, the 30-share BSE Sensex further rallied 483.42 points to 63,583.07, its lifetime intra-day peak in early trade

Benchmark indices rallied in early trade on Thursday tracking firm global market trends and continuous foreign fund inflows. Buying in IT counters also added to the momentum.

After a firm beginning, the 30-share BSE Sensex further rallied 483.42 points to 63,583.07, its lifetime intra-day peak in early trade.

The broader NSE Nifty climbed 129.25 points to 18,887.60. Among the Sensex pack, Tech Mahindra, Infosys, HCL Technologies, Wipro, Tata Consultancy Services, HDFC Bank, Larsen & Toubro and HDFC were the major winners.

Hindustan Unilever, Asian Paints, Mahindra & Mahindra and NTPC were among the laggards.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading higher. Wall Street had ended significantly higher on Wednesday.

"Fed chief Jerome Powell’s observation that 'it makes sense to moderate the pace of rate hikes' has come as a shot in the arm for the bulls to take the ongoing rally forward," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The dip in the dollar index to 105.5 and the U.S. 10-year bond yield declining sharply to 3.63% are hugely favourable for continuation of FII inflows, Mr. Vijayakumar added.