Markets rebound in early trade on rally in global equities, foreign fund inflows

Mumbai, Mar 20 (PTI) Benchmark equity indices rebounded in early trade on Wednesday after a sharp decline in the previous trade amid a rally in global markets and fresh foreign fund inflows.

The 30-share BSE Sensex rebounded 237.36 points to 72,249.41 in early trade. The NSE Nifty climbed 74.25 points to 21,891.70.

From the Sensex basket, Maruti, Power Grid, Nestle, IndusInd Bank, Tata Consultancy Services, and Wipro were the major gainers.

JSW Steel, Tata Steel, Hindustan Unilever, and Tata Motors were among the laggards.

In Asian markets, Seoul, Shanghai, and Hong Kong were trading in positive territory.

Wall Street ended with gains on Tuesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,421.48 crore on Tuesday, according to exchange data.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said in his pre-opening market comment that this Wednesday morning brings optimism with positive catalysts such as FII’s buying activity and favorable Wall Street performance.

Global oil benchmark Brent crude dipped 0.17 per cent to USD 87.23 a barrel. “Fed’s rate decision, more importantly, the Fed commentary tonight, will decide the trend in the mother market US,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The 30-share BSE benchmark tanked 736.37 points or 1.01 per cent to settle at 72,012.05 on Tuesday. The NSE Nifty slumped 238.25 points or 1.08 per cent to finish at 21,817.45.