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Markets rebound in early trade after 2 days of fall

Equity benchmark indices rebounded in early trade on Thursday after falling in the previous two trading days, helped by foreign fund inflows and a largely positive trend in global markets.

The 30-share BSE Sensex climbed 550.73 points to 59,579.64. On similar lines, the broader NSE Nifty went higher by 156.1 points to 17,780.50.

All the 30-share Sensex pack of firms were trading in the green in early trade, with Asian Paints, UltraTech Cement, Bharti Airtel, ICICI Bank, Tech Mahindra, Infosys, Mahindra & Mahindra and Bajaj Finance emerging as the biggest gainers.

Elsewhere in Asia, markets in Seoul and Tokyo were trading in the green, while Shanghai and Hong Kong quoted lower in mid-session deals.

trade

The US markets had ended significantly higher on Wednesday.

The 30-share BSE benchmark declined 168.08 points or 0.28 per cent to settle at 59,028.91 on Wednesday. The Nifty dipped 31.20 points or 0.18 per cent to 17,624.40.

Meanwhile, the international oil benchmark Brent crude climbed 1.05 per cent to USD 88.92 per barrel.

foreign institutional investors

Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 758.37 crore on Wednesday, as per exchange data.

“After two days of a steady fall, local equity benchmark indices are likely to see a firm opening, mirroring gains in US markets and subsequent upmove in other Asian peers,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd in his pre-market opening comment.

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