Stock markets rebound in early trade after two days of slump

Sensex and Nifty rebounded after two days of declines, rising on value-buying. Several major stocks gained while some lagged. Asian markets were mostly negative, FIIs continued selling, DIIs bought heavily, and Brent crude inched up as previous sessions saw sharp index drops

Mumbai: Equity benchmark indices Sensex and Nifty rebounded in early trade on Wednesday after two days of sharp decline amid value-buying at lower levels. The 30-share BSE Sensex climbed 259.31 points, or 0.31 per cent, to 84,925.59 in early trade. The 50-share NSE Nifty went up by 64.65 points, or 0.25 per cent, to 25,904.30.

Among the Sensex constituents, Adani Ports, Bajaj Finserv, Kotak Mahindra Bank, Mahindra & Mahindra, Tata Steel, Trent, ITC, Tata Motors Passenger Vehicles, HCL Technologies, Reliance Industries, Tech Mahindra and UltraTech Cement were the gainers.

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However, Eternal, Sun Pharmaceuticals, Titan, Bharti Airtel and Infosys were among the laggards.

In Asian markets, Shanghai’s SSE Composite index, Hong Kong’s Hang Seng, and Japan’s Nikkei 225 were trading in the negative territory while South Korea’s KOSPI was quoting in the green zone.

Wall Street broadly ended lower in overnight deals on Tuesday.

Meanwhile, Foreign Institutional Investors (FIIs) remained the net sellers of equities worth Rs 3,760.08 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 6,224.89 crore.

Brent crude, the global oil benchmark, rose 0.15 per cent to USD 62.03 per barrel.

On Tuesday, the 30-share BSE Sensex dropped 436.41 points to close at a nearly two-week low of 84,666.28. The 50-share NSE Nifty dropped by 120.90 points to settle at 25,839.65.