Markets rebound in early trade on firm global trends

Mumbai, May 16 (PTI) Equity benchmark indices rallied in early trade on Thursday amid firm global market trends and buying in Reliance Industries and Tata Consultancy Services.

The 30-share BSE Sensex rallied 409.72 points to 73,396.75 in early trade. The NSE Nifty went up 129.45 points to 22,330.

Among the Sensex components, Bharti Airtel, Infosys, Tech Mahindra, HCL Technologies, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services were the major gainers.

Maruti, Tata Motors, Power Grid and Larsen & Toubro were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with gains.

Wall Street ended higher on Wednesday.

“The global market construct continues to be supportive with the US indices setting new records. The decline in US CPI inflation in April to 3.4 per cent sets the stage for a rate cut by the Fed,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.40 per cent to USD 83.08 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,832.83 crore on Wednesday, according to exchange data.

Halting its three-day rally, the 30-share BSE Sensex declined 117.58 points or 0.16 per cent to settle at 72,987.03 on Wednesday. The NSE Nifty dipped 17.30 points or 0.08 per cent to 22,200.55.