Sensex, Nifty Rebound In Early Trade, Bank Stocks Lead Recovery

Mumbai: Indian stock markets bounced back in early trade on Wednesday after a big fall on Tuesday. The Sensex rose by 267.68 points to reach 81,454.12. The Nifty also moved up by 82.25 points to 24,766.15. This recovery was mainly led by strong buying in top bank stocks and positive cues from Asian markets.

Among the top gainers from the Sensex were big names like Nestle, HDFC Bank, Hindustan Unilever, Maruti, UltraTech Cement, ICICI Bank, Axis Bank, Tata Consultancy Services (TCS), Tata Motors, and State Bank of India (SBI). These companies helped push the market higher in the morning.

However, not all stocks performed well. Shares of Eternals, IndusInd Bank, Adani Ports, and Kotak Mahindra Bank were among the major losers.

Looking at global markets, most Asian indices were doing well. South Korea’s Kospi, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng were trading in the green. Japan’s Nikkei 225 was the only major index trading lower.

In the United States, markets closed lower on Tuesday, which had impacted Indian markets earlier. Crude oil prices also went up. Brent crude jumped 1.48 per cent to reach USD 66.34 a barrel.

Despite the morning recovery, it's worth noting that Tuesday was a rough day for Indian markets. The Sensex had dropped by 872.98 points or 1.06 per cent to close at 81,186.44. The Nifty fell by 261.55 points or 1.05 per cent to settle at 24,683.90.

Foreign Institutional Investors (FIIs) were net sellers on Tuesday. They sold equities worth Rs 10,016.10 crore, according to official exchange data.