Sensex, Nifty rebound in early trade amid DII buying

Equity benchmark indices Sensex and Nifty rebounded in early trade on Wednesday, snapping recent losing streaks amid sustained buying by domestic institutional investors. The recovery came despite weak global cues and continued selling by foreign investors, market data showed.

Mumbai: Equity benchmark indices Sensex and Nifty bounced back in early trade on Wednesday and were trading in positive territory amid sustained buying by domestic institutional investors.

After five days of decline, the 30-share BSE Sensex climbed 254.38 points to 84,929.46 during initial trade. The 50-share NSE Nifty went up by 89.15 points to 26,028 after four days of decline.

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From the 30-Sensex firms, Tata Steel, Bharat Electronics, Titan, Axis Bank, Adani Ports and Hindustan Unilever were among the biggest gainers.

However, Bajaj Finserv, Tata Consultancy Services, Mahindra & Mahindra and Infosys were among the laggards.

In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index quoted lower.

US markets ended lower on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,844.02 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 6,159.81 crore, according to exchange data.

Brent crude, the global oil benchmark, dipped 0.10 per cent to USD 61.27 per barrel.

Falling for the fifth consecutive day on Tuesday, the Sensex dipped 20.46 points or 0.02 per cent to settle at 84,675.08. The Nifty skidded 3.25 points or 0.01 per cent to 25,938.85.