Markets rebound after sharp fall on buying by domestic investors, firm Asian peers

Mumbai, Oct 23 (PTI) Stock market benchmark indices rebounded in early trade on Wednesday amid continuous buying by domestic institutional investors and firm trends across Asian bourses.

The BSE Sensex climbed 168.79 points to 80,389.51 in early trade. The NSE Nifty went up by 46.2 points to 24,518.30.

From the 30 Sensex pack, Bajaj Finance climbed over 3 per cent after the firm reported a 13 per cent increase in consolidated net profit at Rs 4,014 crore in the second quarter ended September 2024.

Bajaj Finserv, HDFC Bank, Nestle, Kotak Mahindra Bank, Tata Consultancy Services, and Maruti were among the other big gainers.

NTPC, Power Grid, Mahindra & Mahindra, and UltraTech Cement were among the laggards.

Domestic Institutional Investors (DIIs) bought equities worth Rs 5,869.06 crore on Tuesday, according to exchange data. Foreign Institutional Investors (FIIs), however, offloaded shares worth Rs 3,978.61 crore.

In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower.

The US markets ended flat on Tuesday.

“The ongoing trend of largecaps outperforming mid and smallcaps is likely to sustain, going forward. FII selling and the countervailing trend of DII buying is likely to continue. This will impart strength to largecap financials, particularly banking stocks like HDFC, ICICI, Axis and Kotak which are fairly valued in this market with elevated valuations,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.21 per cent to USD 75.88 a barrel.

The BSE benchmark plummeted 930.55 points or 1.15 per cent to settle at 80,220.72 on Tuesday. The NSE Nifty tumbled 309 points or 1.25 per cent to 24,472.10.