Stock markets decline in early trade after 3-day rally

Mumbai: Equity benchmark indices Sensex and Nifty fell in early trade on Friday after a three-day rally amid profit-taking in blue-chips Tata Consultancy Services and ICICI Bank.

The 30-share BSE Sensex declined 264.36 points to 82,749.60 in early trade. The 50-share NSE Nifty dropped 65 points to 25,358.60.

From the Sensex firms, Tata Consultancy Services, Titan, ICICI Bank, Power Grid, Mahindra & Mahindra and HCL Tech were among the biggest laggards.

However, Adani Ports, Bharat Electronics, Larsen & Toubro and NTPC were among the gainers.

All Adani group stocks were trading higher during the morning trade.

In a big boost to tycoon Gautam Adani, markets regulator Sebi on Thursday cleared the billionaire and his group of stock manipulation allegations made by US short-seller Hindenburg Research, saying fund transfer between group companies did not fall foul of any regulation.

Among group stocks, Adani Total Gas jumped 13.27 per cent, Adani Power surged 8.89 per cent, Adani Green Energy went up by 5.45 per cent and Adani Enterprises climbed 5.23 per cent.

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

US markets ended higher on Thursday.

Global oil benchmark Brent crude dipped 0.15 per cent to USD 67.34 a barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 366.69 crore on Thursday, according to exchange data.

On Thursday, the Sensex rallied 320.25 points or 0.39 per cent to settle at 83,013.96. The Nifty climbed 93.35 points or 0.37 per cent to 25,423.60.