Sensex and Nifty rebound in early trade amid Reliance, IT stocks, and FII buying

Sensex and Nifty rebounded in early trade on Thursday, driven by gains in Reliance Industries, IT stocks, and FII inflows. Asian markets showed mixed trends, Brent crude fell, and Wall Street’s record highs supported positive sentiment at Dalal Street.

Mumbai: Stock market benchmark indices Sensex and Nifty rebounded in early trade on Thursday amid buying in blue-chip Reliance Industries, IT firms and foreign fund inflows.

The 30-share BSE Sensex went up by 201.23 points to 81,974.89 in early trade. The 50-share NSE Nifty climbed 63.5 points to 25,109.65.

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From the Sensex firms, Tata Steel, HCL Tech, Sun Pharma, Eternal, Mahindra & Mahindra, Reliance Industries, Larsen & Toubro, Axis Bank, Hindustan Unilever and Infosys were among the major gainers.

However, Power Grid, Bajaj Finance, Titan and NTPC were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 81.28 crore on Wednesday, according to exchange data.

In Asian markets, Japan’s Nikkei 225 index traded higher while Hong Kong’s Hang Seng index quoted lower. Markets in China and South Korea were closed for holidays.

US markets ended mostly higher on Wednesday.

“The results season starting today will be keenly watched by the market. IT stocks have witnessed some recovery from the bottom, but the headwinds for the segment continue to be strong,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Global oil benchmark Brent crude declined 0.50 per cent to USD 65.92 a barrel.

“Record highs at Wall Street kept the risk-on sentiment alive at Dalal Street, with Nifty’s next target seen at 25,670 and support near 24,901,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

On Wednesday, the Sensex declined 153.09 points or 0.19 per cent to settle at 81,773.66. The Nifty dropped 62.15 points or 0.25 per cent to 25,046.15.