After declining for five straight days, equity benchmark indexes rebounded on Wednesday, with the Sensex rising 324 points in early trade, aided by a rebound in the Infosys and HDFC twins, as well as buying in Reliance Industries. Furthermore, investor sentiment was reinforced by a mostly positive global market trend.
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The BSE benchmark Sensex was trading 324.07 points higher at 56,787.22 in early trade, halting its five-day decline. The Nifty was trading at 17,053.55, up 94.9 points.
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Reliance Industries, Maruti, Wipro, TCS, Nestle, M&M, and Infosys were among the first gainers on the 30-share Sensex pack. Both HDFC twins are quoted in the green as well. Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank, and Larsen & Toubro, on the other hand, were laggards.
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The Sensex fell 703.59 points, or 1.23%, to 56,463.15 on Tuesday. The NSE Nifty index fell 215 points, or 1.25%, to 16,958.65.
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On Tuesday, both benchmark indexes finished in the red for the fifth consecutive day. In five sessions, the Sensex had dropped 2,984.03 points, while the Nifty had lost 825.70 points.
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In Asia, Hong Kong and Tokyo markets were trading higher in mid-session deals, while Seoul and Shanghai were trading lower. Stocks in the United States finished considerably higher on Tuesday.
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According to stock market statistics, foreign institutional investors maintained their selling binge on Tuesday, offloading shares worth a net Rs 5,871.69 crore.
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Brent crude rose 1.03% to USD 108.4 per barrel on the international oil market. In early trade, the rupee is up 19 paise to 76.31 against the US dollar.
