Indian Markets Rebound on Blue-Chip Buying

Mumbai, Jul 9 (PTI) Equity benchmark indices rebounded in early trade on Tuesday amid buying in blue-chip stocks and foreign fund inflows.

The 30-share BSE Sensex climbed 205.99 points to 80,166.37 in early trade. The NSE Nifty went up by 53 points to 24,373.55.

Among the Sensex pack, Maruti Suzuki India, Mahindra & Mahindra, Titan, Adani Ports, Tata Motors, Larsen & Toubro, HDFC Bank and State Bank of India were the biggest gainers.

Hindustan Unilever, Tech Mahindra, Axis Bank and Infosys were among the laggards.

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

US markets ended mostly higher on Monday.

"The market is exhibiting strength and is showing no signs of a sharp correction despite the high valuations.

"A healthy trend in the market is that fundamentally strong largecaps are seeing buying. The rising accumulation and delivery-based buying in largecaps like RIL and ITC is a reflection of this healthy trend," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth Rs 60.98 crore on Monday, according to exchange data.

Global oil benchmark Brent crude declined 0.28 per cent to USD 85.51 a barrel.

The BSE benchmark declined 36.22 points or 0.05 per cent to settle at 79,960.38 on Monday. The NSE Nifty dipped 3.30 points or 0.01 per cent to 24,320.55.