Sensex, Nifty rebound on Reliance Industries lead

In early trading, the BSE Sensex rose by 270.18 points to reach 72,740.48, while the NSE Nifty increased by 87.35 points, reaching 22,092.05.

Mumbai: Benchmark equity indices Sensex and Nifty rebounded in early trade on Wednesday supported by buying in index majors Reliance Industries and Maruti.

The 30-share BSE Sensex climbed 270.18 points to 72,740.48 in early trade. The NSE Nifty went up by 87.35 points to 22,092.05.

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From the Sensex basket, Reliance Industries, Maruti, NTPC, Tata Motors, Axis Bank, Bajaj Finance, Hindustan Unilever and Larsen & Toubro were the major gainers.

Infosys, Wipro, IndusInd Bank and Nestle were among the laggards.

In Asian markets, Tokyo quoted in the positive territory, while Seoul, Shanghai and Hong Kong traded lower.

Wall Street ended in the negative territory on Tuesday.

Foreign Institutional Investors (FIIs) turned net buyers on Tuesday, as they bought equities worth Rs 10.13 crore, according to exchange data.

“Investors’ attention now turns to key economic data and the upcoming earnings season.

“Despite challenges, potential support for Nifty bulls lies in foreign institutional buying and global market momentum. Volatility is expected to rise ahead of the futures and options (F&O) expiry,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude declined 0.90 per cent to USD 85.47 a barrel.

On Tuesday, the BSE benchmark declined by 361.64 points or 0.50 per cent to settle at 72,470.30. The NSE Nifty dropped 92.05 points or 0.42 per cent to 22,004.70.