Stock Markets Rebound in Early Trade Tracking Rally in Global Peers

Mumbai: Equity market benchmark indices Sensex and Nifty rebounded in early trade on Thursday on the back of a recovery in global equities after facing heavy losses in the last few trading sessions due to conflict in West Asia. The 30-share BSE Sensex rose 550.27 points to 79,666.46 in early trade. The 50-share NSE Nifty rose 171.45 points to 24,651.95.

From the Sensex pack, Adani Ports, Reliance Industries, NTPC, Bharat Electronics, Tata Steel and Larsen & Toubro were among the top gainers.

HCL Tech, Tech Mahindra, ICICI Bank and Asian Paints were among the laggards.

Global oil reference Brent crude oil increased by 2.86 percent to $83.73 per barrel.

In Asian markets, South Korea’s Kospi made a sharp recovery, rising 10 percent. Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were also outbid.

The US market ended Wednesday in positive territory.

“From a global perspective, US markets ended the previous session on a solid note, while South Korea’s Kospi index is trading sharply higher with gains of more than 10 percent, offering some supportive external signs,” said Ponmudi R, CEO of online trading and wealth technology company Enrich Money.

According to stock exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs 8,752.65 billion on Wednesday, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 12,068.17 billion.

On Wednesday, the Sensex index fell 1,122.66 points or 1.40 per cent to 79,116.19, falling for the fourth consecutive session. Nifty fell 385.20 points (1.55 percent) to close at 24,480.50, recording its third day of decline.