Sensex, Nifty rebound in early trade on foreign fund inflows

Sensex and Nifty rebounded in early trade on Thursday after a sharp fall in the previous session, supported by foreign fund inflows and buying in blue-chip stocks. The Sensex rose nearly 496 points to 76,998.54, while the Nifty gained 149 points to 24,025.

Mumbai: Benchmark indices Sensex and Nifty rebounded in early trade on Thursday after a sharp fall in the previous session amid foreign fund inflows and buying in blue-chip stocks.

The 30-share BSE Sensex climbed 495.86 points to 76,998.54 in early trade. The 50-share NSE Nifty went up by 148.70 points to 24,025.

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From the Sensex pack, Eternal, Sun Pharma, Bharti Airtel, Titan, ICICI Bank, Asian Paints, Reliance Industries and HDFC Bank were among the major winners.

Infosys, Tata Consultancy Services, HCL Tech and Tech Mahindra were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,962.80 crore on Wednesday, according to exchange data.

Brent crude, the global oil benchmark, quoted 1.04 per cent higher at USD 78.83 per barrel.

On Wednesday, the Sensex tanked 1,677.12 points, or 2.15 per cent, to settle at 76,503.60. On similar lines, the Nifty tumbled 516.65 points, or 2.12 per cent, to end at 23,882.05.

Geopolitics has again played spoilsport with the Indian market, which has been slowly strengthening, V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

“There are market indications that things may not deteriorate as feared. First, Brent at USD 80 is not a problem. It won’t create a BoP (Balance of Payments) crisis. The crisis will reemerge only if the tensions lead to the closure of the Strait of Hormuz again, and consequently, crude spiking above USD 100. The present futures do not reflect such a pessimistic scenario,” he added.

In Asian markets, South Korea’s Kospi and Japan’s Nikkei 225 index rebounded and were trading in the green, while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index quoted lower.

US markets ended mostly lower on Wednesday.