“Market Rebound Equity: Equity Indices Rally on Global Trends and Key Stock Buys”

The benchmark equity indices made a comeback in early trade on Friday, due to firm global market trends and buying in ITC and Reliance Industries. After the sharp decline in the previous trade, the 30-share BSE Sensex climbed 203.52 points to 72,607.69 in early deals. In the Sensex basket, ITC, Axis Bank, NTPC, JSW Steel, Hindustan Unilever, Asian Paints, Bharti Airtel, and Reliance Industries recorded the biggest gains, while Infosys, HDFC Bank, HCL Technologies, and Larsen & Toubro were the laggards. The NSE Nifty went up by 83.7 points to 22,041.20.

According to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, “Gains in overseas markets are likely to help local benchmark indices register gains in early trade on Friday after yesterday’s sharp sell-off.” In Asian markets, Seoul, Tokyo, and Hong Kong were trading with gains, while Shanghai quoted lower. On Thursday, Wall Street ended in positive territory.

Global oil benchmark, Brent crude, climbed 0.55 per cent to USD 84.34 a barrel. However, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,994.86 crore on Thursday, according to exchange data.

On Thursday, the BSE benchmark dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17, declining for the third day running. The NSE Nifty dived 345 points or 1.55 per cent to 21,957.50.