1 hr ago
Indian stock markets rebound as Sensex, Nifty rise early
Indian stock markets moved higher early on Wednesday after falling sharply the day before.
The Sensex rose about 244 points.
The Nifty gained about 77 points.
Investors bought shares that looked cheaper after the earlier fall.
Some large companies, including Reliance Industries and Mahindra & Mahindra, gained.
Other companies, including Tata Steel and Tata Consultancy Services, declined.
High oil prices and selling by foreign investors made the recovery less certain.
Investors were also waiting for the United States Federal Reserve’s interest-rate decision.
Analysts said the market could rise further or weaken depending on the Fed’s guidance.
The Sensex gained 244.02 points to reach 74,293.25 in early trade.
The Nifty rose 77.20 points to 23,201.85 after Tuesday’s sharp decline.
Value buying supported the rebound, while oil prices, Fed uncertainty and foreign outflows limited gains.
Mahindra & Mahindra, Reliance Industries and Hindustan Unilever were among the major Sensex winners.
Foreign institutional investors sold equities worth Rs 2,977.86 crore on Tuesday.
- Who
- The Sensex, Nifty, Indian investors, foreign institutional investors and companies listed on Indian exchanges were involved.
- What
- Indian benchmark stock indices rebounded in early trade after a sharp fall in the previous session.
- Where
- Indian stock exchanges, with broader Asian markets also trading mostly higher.
- When
- Early Wednesday; the preceding sell-off and foreign selling occurred on Tuesday.
- Why
- Value buying supported the rebound, while elevated oil prices, foreign fund outflows and caution before the Federal Reserve decision restrained gains.
Key facts
- Sensex
- 74,293.25, up 244.02 points in early trade
- Nifty
- 23,201.85, up 77.20 points in early trade
- Brent crude
- USD 108.10 per barrel, down 0.63%
- Foreign institutional selling
- Rs 2,977.86 crore of equities sold on Tuesday
- Previous Sensex close
- 74,003.82, down 777.94 points on Tuesday
- Previous Nifty close
- 23,118.60, down 279.50 points on Tuesday
- Key market trigger
- The United States Federal Reserve’s policy decision
Quotes
Hariselvan Radhakrishnan
Founder and CEO of HST Wealth, a research analyst firm
“The Federal Reserve’s policy decision tonight will be the key market trigger.”
telegraphindia.com
Sources
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