Markets rebound in early trade; Sensex jumps over 800 points

The Nifty climbed 256.55 points to 21,954.

Mumbai: Benchmark equity indices bounced back sharply in early trade on Friday tracking a rally in global markets along with buying in Reliance Industries and ICICI Bank.

The 30-share BSE Sensex jumped 846.64 points to 72,491.94 in early trade. The Nifty climbed 256.55 points to 21,954.

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Among the Sensex firms, Reliance Industries, ICICI Bank, Power Grid, Infosys, NTPC, Tech Mahindra, Tata Consultancy Services and UltraTech Cement were the major gainers.

Axis Bank emerged as the only laggard.

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

The US markets ended with significant gains on Thursday.

“The bull market at Dalal Street is thriving, fuelled by positive developments such as Wall Street’s surge, a 3 per cent drop in WTI oil prices, and the promising interim Union Budget,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

The Sensex declined 106.81 points or 0.15 per cent to settle at 71,645.30 on the Budget day on Thursday.

The Nifty dipped 28.25 points or 0.13 per cent to 21,697.45.

Global oil benchmark Brent crude climbed 0.71 per cent to USD 79.26 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,879.58 crore on Thursday, according to exchange data.