Stock markets rebound in early trade after 4-days of slump; Sensex jumps over 530 pts

Indian equity markets rebounded sharply in early trade Friday after four consecutive sessions of losses, tracking gains across Asian markets. Sensex rose 531 points while Nifty advanced 78 points. Institutional buying, positive US cues and Asian rallies supported investor sentiment

Mumbai: Equity benchmark indices Sensex and Nifty bounced back sharply in early trade on Friday tracking a rally in Asian markets after four days of sharp decline.

The 30-share BSE Sensex jumped 531.88 points, or 0.70 per cent, to 76,684.74 in the morning trade. The 50-share NSE Nifty advanced 78.25 points, or 0.33 per cent, to 23,951.70.

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Among the 30 Sensex constituents, Bajaj Finserv, Bharat Electronics Ltd, IndiGo, Trent, Reliance Industries, Infosys, Titan, Adani Ports, UltraTech Cement, Bajaj Finance, Kotak Mahindra Bank, HDFC Bank, and State Bank of India were the major gainers.

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

The rebound in domestic equities came amid a broad-based rally across Asian markets. Hong Kong’s Hang Seng climbed 2 per cent, South Korea’s KOSPI advanced 1.3 per cent, Japan’s Nikkei 225 index gained 1.11 per cent and Shanghai’s SSE Composite index traded 0.35 per cent higher.

US markets had ended more than 1 per cent higher in overnight deals on Thursday, setting a positive tone for Asian equities.

However, Brent crude, the global oil benchmark, rose 0.48 per cent to USD 95.98 per barrel.

Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,345.87 crore on Thursday. Domestic Institutional Investors (DIIs), however, remained net buyers, purchasing equities worth Rs 4,977.46 crore, according to exchange data.

On Thursday, the 30-share BSE Sensex dropped 417.49 points to close at 76,152.86, while the 50-share NSE Nifty slipped 41 points to settle at 23,873.45, extending their losing streak to a fourth consecutive session.