Sensex, Nifty rebound in early trade on blue-chip buying, Asian market rally

Benchmark indices Sensex and Nifty rebounded in early trade on Wednesday, supported by blue-chip buying and positive Asian cues. Domestic institutional investors provided stability, offsetting foreign outflows, while global market sentiment remained cautious amid ongoing risk aversion.

Mumbai: Equity benchmark indices Sensex and Nifty rebounded in early trade on Wednesday helped by buying in blue-chip stocks and a rally in Asian markets.

Buying by domestic institutional investors also offered support, helping cushion the downside moves, analysts said.

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The 30-share BSE Sensex climbed 358.92 points to 77,245.83 in opening trade. The 50-share NSE Nifty went up by 101.2 points to 24,096.90.

From the 30-Sensex firms, Maruti, ITC, Tech Mahindra, Infosys, Mahindra & Mahindra and Reliance Industries were among the biggest gainers.

Tata Steel, Asian Paints, ICICI Bank and Axis Bank were among the laggards.

Brent crude, the global oil benchmark, traded 0.21 per cent lower at USD 111 per barrel.

In Asian markets, South Korea’s benchmark Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index traded higher.

US markets ended lower on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,103.74 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,712.01 crore, according to exchange data.

“On the flows front, foreign institutional investors remain net sellers amid global risk aversion, while domestic institutional investors continue to offer some support, helping to cushion downside moves,” Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.

On Tuesday, the Sensex declined 416.72 points or 0.54 per cent to settle at 76,886.91. The Nifty dropped 97 points or 0.40 per cent to end at 23,995.70.