Stock market benchmark indices Sensex and Nifty climbed in early trade on Friday tracking a firm trend in global markets.

The 30-share BSE benchmark Sensex climbed 282.35 points to 76,802.73 in early trade. The NSE Nifty went up by 86.7 points to 23,292.05.

From the 30-share blue-chip pack, Power Grid, UltraTech Cement, NTPC, Tata Steel, Asian Paints and Axis Bank were the major gainers.

Tata Motors, Sun Pharma, Zomato and Kotak Mahindra Bank were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory.

US markets ended higher on Thursday.

US President Donald Trump on Thursday addressed the World Economic Forum where he offered business leaders low taxes if they manufacture their products in the US while threatening them with tariffs if they don’t.

Addressing the forum’s Annual Meeting here through video conferencing, Trump also said he is going to ask Saudi Arabia and OPEC to bring down oil prices and asserted that if prices come down Russia-Ukraine war will end immediately.

Throughout the world, food prices went through the roof, he said and he took immediate action to control inflation in America.

"I promise to eliminate 10 old regulations for every new regulation... I am going to pass the largest tax cuts in American history to help our people," he said.

"The strength of the US market with S&P 500 setting yet another record high and the 10-year US bond yield remaining strong around 4.65 per cent will continue to weigh on the Indian market," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,462.52 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude dipped 0.19 per cent to USD 78.14 a barrel.

The BSE benchmark index Sensex rose 115.39 points or 0.15 per cent to settle at 76,520.38 on Thursday. The Nifty went up by 50 points or 0.22 per cent to end at 23,205.35.

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