Sensex and Nifty rebound in early trade after two days of losses

Benchmark indices Sensex and Nifty rebounded in early trade on Friday after two days of losses, led by gains in blue-chip IT stocks and positive global cues, while Brent crude slipped and foreign institutional investors remained net sellers of Indian equities

Mumbai: Benchmark equity indices Sensex and Nifty rebounded in early trade on Friday after two days of losses, aided by buying in blue-chip IT stocks and a rally in global markets.

The 30-share BSE Sensex climbed 245.56 points to 77,191.80 in early trade, while the 50-share NSE Nifty rose 54.20 points to 24,147.50.

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Among the 30 Sensex firms, Tata Consultancy Services, Tech Mahindra, Infosys, HCL Tech, Titan and Power Grid were among the major gainers.

UltraTech Cement, ICICI Bank, Mahindra & Mahindra and State Bank of India were the laggards.

Brent crude, the global oil benchmark, traded 0.56 per cent lower at USD 89.20 per barrel.

In Asian markets, South Korea’s Kospi traded lower, while Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng traded higher.

US markets ended higher on Thursday.

“Global cues are more supportive than they have been at any point this week. US markets closed firmly higher, with the Dow Jones Industrial Average gaining 0.20 per cent, the S&P 500 rising 0.72 per cent and the Nasdaq advancing 1.57 per cent,” said Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, a research analyst firm.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 298.26 crore on Thursday, according to exchange data.

“Sentiment in technology and semiconductor stocks, however, was clearly lifted by Nvidia’s blowout quarterly results, which triggered a broad rally across AI-linked names in the US, helping the Nasdaq end about 1.5 per cent higher,” said Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm.

Attention now turns to Fed Chair Kevin Warsh’s first Jackson Hole keynote, the week’s most closely watched macro event, he added.

Falling for the second straight day on Thursday, the Sensex dropped 539.35 points, or 0.70 per cent, to settle at the day’s low of 76,933.59 on the monthly derivatives-expiry day. Similarly, the Nifty declined 116.90 points, or 0.48 per cent, to end at the day’s low of 24,090.85.