Markets rebound in early trade tracking firm global trends

Equity Benchmark indices Sensex and Nifty rebounded in early trade on Tuesday after two days of decline amid firm trends in global markets and buying in IT stocks.

The 30-share BSE benchmark gauge Sensex climbed 191 points to 82,250.42 in early trade after a positive beginning. The NSE Nifty went up by 64.9 points to 25,010.35.

From the Sensex firms, Tata Steel, Infosys, Tech Mahindra, ITC, Tata Consultancy Services, Axis Bank, IndusInd Bank and Asian Paints were among the biggest gainers.

Power Grid, HDFC Bank, Bajaj Finance, Reliance Industries, Titan and Nestle were among the laggards.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng were trading in the positive territory.

US markets ended higher on Monday. Global oil benchmark Brent crude dipped 0.06 per cent to USD 65.50 a barrel.

“In the near-term the market is likely to move to a consolidation phase. The high valuations will put a cap on the upside with institutional selling emerging on upside. This was evident from the institutional activity on Monday, when both FIIs and DIIs (Domestic Institutional Investors) emerged sellers, though marginally,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 525.95 crore on Monday, according to exchange data.

On Monday, the 30-share BSE barometer Sensex declined 271.17 points or 0.33 per cent to settle at 82,059.42. The Nifty dipped 74.35 points or 0.30 per cent to 24,945.45.

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