Equity indices rebound in early trade amid global market rally, strong buying in ITC, ICICI Bank

In early trading, the BSE Sensex rose by 292.29 points, or 0.36%, reaching 81,980.74. Meanwhile, the NSE Nifty increased by 54.55 points, or 0.22%, to hit 25,069.15.

Mumbai: Equity benchmark indices rebounded in early trade on Monday after tumbling in the previous week amid a rally in global markets, along with buying in index majors ITC and ICICI Bank.

The BSE Sensex climbed 292.29 points or 0.36 per cent to 81,980.74 in early trade. The NSE Nifty went up by 54.55 points or 0.22 per cent to 25,069.15.

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From the 30 Sensex firms, ITC, Kotak Mahindra Bank, HCL Technologies, Infosys, ICICI Bank, Tata Consultancy Services and Bharti Airtel were the major gainers.

Titan, Adani Ports, NTPC, Power Grid and HDFC Bank were among the laggards.

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul traded higher on Monday.

The US markets were ended on positive territory on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,896.95 crore on Friday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 8,905.08 crore, according to exchange data.

“Globally stock markets have been resilient despite the escalating tensions in the Middle East. A big positive for equity markets is the strong US economy where the September non-farm job numbers have come surprisingly robust,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

The combination of a strong economy and declining inflation in the mother market of the US is a big positive, he added.

Global oil benchmark Brent crude declined 0.44 per cent to USD 77.71 per barrel.

On Friday, the BSE Sensex tumbled 808.65 points or 0.98 per cent to settle at a three-week low of 81,688.45, while NSE Nifty slumped 235.50 points or 0.93 per cent to 25,014.60.

Last week, the BSE Sensex tanked 3,883.4 points, or 4.53 per cent, and the Nifty slumped 1,164.35 points, or 4.44 per cent.