New Delhi: In sync with a surge in global markets, both Sensex and Nifty rebounded strongly in early trading on Wednesday following three consecutive days of significant losses. In early trading, the BSE Sensex surged by 1,046.13 points to 79,639.20. The NSE Nifty jumped by 313.9 points and reached 24,306.45.
Maruti, Infosys, UltraTech Cement, Adani Ports, JSW Steel, and HCL Technologies were the top performers among the 30 companies listed in the Sensex index. Asian Paints, Kotak Mahindra Bank, Bharti Airtel, and Titan fell behind in performance.
Seoul, Tokyo, Shanghai, and Hong Kong were all trading in a positive territory in the Asian markets, with significantly higher quotes. Tuesday saw the US markets close with gains. Following the dual shocks of US recession concerns and the Yen carry trade unraveling, stock markets around the world are gradually returning to stability. Although there was significant selling by FIIs in the Indian cash market over the past three days, the buying by DIIs is balancing out their selling. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the investment made by DIIs can provide strength to the market.
According to data from the exchange, Foreign Institutional Investors (FIIs) sold equities worth Rs 3,531.24 crore on Tuesday. On Tuesday, DIIs purchased equities totaling Rs 3,357.45 crore. Brent crude, the global oil benchmark, rose by 0.14 percent to reach USD 76.59 per barrel.
On Tuesday, the BSE benchmark experienced its third consecutive day of decline, closing at 78,593.07 with a decrease of 166.33 points or 0.21 per cent. In the same manner, the Nifty fell by 63.05 points or 0.26 pc to close under the 24,000 mark at 23,992.55.
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