Stock Markets Rebound: Sensex, Nifty Up on Global Trends

Mumbai, Feb 27 (PTI) Benchmark equity indices Sensex and Nifty rebounded on Tuesday following buying in index major Tata Consultancy Services, Tata Motors and Sun Pharma amid mostly firm global markets.

The 30-share BSE Sensex climbed 305.09 points or 0.42 per cent to settle at 73,095.22. The index was hit by volatility in the first half of the session but gains in index heavyweights helped the barometer end two sessions of losses. During the day, the Sensex jumped 371.17 points or 0.50 per cent to a high of 73,161.30.

Snapping its two-day falling streak, the broader Nifty ended 76.30 points or 0.34 per cent up at 22,198.35.

Among the Sensex firms, Tata Motors, Tata Consultancy Services, IndusInd Bank, Power Grid, Bharti Airtel, Sun Pharma, JSW Steel and Tata Steel were the major gainers.

On the other hand, Bajaj Finance, State Bank of India, Bajaj Finserv, Axis Bank and NTPC were among the laggards.

"Markets rebounded from 2-session losses as selective buying in frontline stocks aided recovery from early weakness. There is no major trigger and investors are taking cues from global markets. As we approach F&O expiry day on Thursday, volatility will begin to kick-in as traders will rollover their positions to next expiry day," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

"The hopes for a ceasefire in the Israel-Hamas war and the drop in crude oil prices supported the sentiment," said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE smallcap gauge declined 0.25 per cent and the midcap index dipped 0.10 per cent.

Among the indices, realty jumped 1.02 per cent, consumer durables climbed 1.01 per cent, teck (0.85 per cent), capital goods (0.79 per cent), IT (0.76 per cent) and consumer discretionary (0.45 per cent).

Commodities, financial services, telecommunication, utilities and oil & gas were the laggards.

In Asian markets, Tokyo, Shanghai and Hong Kong settled in the green while Seoul ended lower.

European markets were traded largely in the green. The US markets ended marginally lower on Monday.

The BSE benchmark fell by 352.67 points or 0.48 per cent to settle at 72,790.13 on Monday. The Nifty declined 90.65 points or 0.41 per cent to 22,122.05.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 285.15 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.16 per cent to USD 82.66 a barrel.