Sensex surges 190 points while Nifty around 16,305 in early trade
- Sensex was trading 190.34 points higher at 54,555.19
- Nifty surged 65.55 points to 16,305.60 in early deals
- Rupee surged 17 paise to 77.17 against the US dollar
Indian equity benchmarks rebounded on Wednesday and the Sensex surged over 190 points in early trade following a recovery in global markets.
The BSE Sensex was trading 190.34 points higher at 54,555.19. The NSE Nifty surged 65.55 points to 16,305.60 in early deals.
In early trade, prominent gainers in the Sensex pack were Bharti Airtel, Power Grid Corp, Tech Mahindra, Tata Steel, HDFC and M&M.
Among the laggards were Asian Paints, Hindustan Unilever, Larsen & Toubro and IndusInd Bank.
The rupee surged 17 paise to 77.17 against the US dollar in opening trade on Wednesday as the American currency retreated from its elevated levels.
US stock exchanges had settled mostly higher on Tuesday.
"Major US stock benchmarks ended mixed on Tuesday, with the Dow Jones Industrial Average booking a fourth straight day of losses, on the eve of key inflation reading. The S&P 500 and Nasdaq ended higher on Tuesday," said Deepak Jasani, Head of Retail Research, HDFC Securities.
Brent crude, the international oil benchmark surged 1.64% to 104.14 per barrel.
According to stock exchange data, foreign institutional investors continued to offload shares worth Rs 3,960.59 crore on Tuesday.
The BSE benchmark ended 105.82 points or 0.19% lower at 54,364.85 on Tuesday. The Nifty declined 61.80 points or 0.38% to end at 16,240.05.
"Indian markets are extremely volatile as a result of FII selling, rate hikes by the US Fed and RBI, growing inflation, and continuous geopolitical tensions between Russia and Ukraine. Positive geopolitical developments, as well as stronger-than-expected critical macroeconomic data, may assist to change the tide and entice investors to return to the equities market," said Mohit Nigam, Head of PMS at Hem Securities.