Stock Market Rebounds: Sensex Climbs 541 Points, Nifty Trades Above 17,450 Amid Mixed Global Cues

Stock Market Rebounds: Sensex Climbs 541 Points, Nifty Trades Above 17,450 Amid Mixed Global Cues

Sensex and Nifty, the two key equity benchmarks bounced back in early deals on Tuesday after falling sharply in the previous trade amid buying in banking counters and mixed global trends.

At 10.30 am the BSE Sensex was up 541 points to 58,514, while the broader NSE Nifty was trading at 17,483, up 170 points.

On the 30-share Sensex platform, Bajaj Finserv, Bajaj Finance, IndusInd Bank, Maruti, Tata Steel, NTPC, UltraTech Cement, State Bank of India, and Axis Bank were among the major winners. On the flip side, Reliance and Bharti Airtel were the only laggards.

Among specific stocks, shares of Reliance Industries traded flat at Rs 2,600 in Tuesday’s intra-day deals in an otherwise firm market after its 45th Annual General Meeting.

The mood of the 30-share Sensex pack was positive as 28 scrips were advancing while only two were declining.  

Meanwhile, the broader markets outperformed benchmark indices as Nifty Midcap 100 and Nifty Smallcap 100 surged over 1 per cent each.

All sectors were in a sea of green with Nifty Auto, Nifty Metal, and Nifty Realty indices rising nearly 2 per cent each.

In the previous session on Monday, the BSE benchmark tanked 861 points (1.46 per cent) to settle at 57,972 points. The Nifty declined 246 points (1.4 per cent) to 17,312 points.

“Compared to the sell-off in US markets last Friday, the correction in the Indian market yesterday was relatively mild. This is a reflection of the resilience of the Indian market,” V K Vijayakumar, chief investment strategist, Geojit Financial Services, said.

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Elsewhere in Asia, markets in Seoul and Tokyo were trading in the green while Shanghai and Hong Kong quoted lower in mid-session deals. The US markets had ended lower on Monday.

Meanwhile, the international oil benchmark Brent crude declined 0.83 per cent to $104.22 per barrel.

Foreign institutional investors (FIIs) offloaded shares worth Rs 561.22 crore on Monday, according to exchange data.