Sensex Rebounds 819 Pts on Global Rally, RIL & Infosys Gain

Mumbai, Aug 9 (PTI) Benchmark equity indices Sensex and Nifty rebounded 1 per cent each on Friday following buying in blue-chips such as Reliance and Infosys amid a rally in global equity markets.

The 30-share BSE Sensex bounced back 819.69 points or 1.04 per cent to settle at 79,705.91 with 28 of its constituents closing in green and two in red. The index opened higher amid gains in Asian markets and later surged 1,098.02 points or 1.39 per cent to hit a high of 79,984.24.

The NSE Nifty soared 250.50 points or 1.04 per cent to 24,367.50. During the day, it rallied 302.75 points or 1.25 per cent to 24,419.75.

"Positive US jobless claims data eased the fears of recession and provided a favourable broader market reaction,” Vinod Nair, Head of Research, Geojit Financial Services said.

Most of the Sensex firms settled in the positive territory. Mahindra & Mahindra, Tata Motors, Tech Mahindra, JSW Steel, State Bank of India, HCL Technologies, Reliance Industries and Infosys were the biggest gainers.

Kotak Mahindra Bank and Maruti were the laggards.

"The markets started strong, gaining over a per cent, buoyed by positive global cues," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

In the broader market, the BSE midcap gauge jumped 1.21 per cent and smallcap index climbed 0.79 per cent.

All the indices ended in the positive territory, with IT surging 1.59 per cent, consumer discretionary by 1.57 per cent, realty by 1.56 per cent, auto by 1.51 per cent, teck by 1.41 per cent and capital goods by 1.37 per cent.

On the weekly front, the BSE benchmark slumped 1,276.04 points or 1.57 per cent, while the Nifty declined 350.2 points or 1.41 per cent.

A total of 2,330 stocks advanced while 1,579 declined and 97 remained unchanged on the BSE.

In Asian markets, Tokyo, Seoul and Hong Kong ended higher while Shanghai settled lower.

European markets were trading in positive territory. The US markets ended significantly higher on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,626.73 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.03 per cent to USD 79.18 a barrel.

The BSE benchmark declined 581.79 points or 0.73 per cent to settle at 78,886.22 in a volatile trade on Thursday. The NSE Nifty retreated to settle lower by 180.50 points or 0.74 per cent to 24,117.