Markets bounce back in early trade on buying in bank stocks

Stock market benchmark indices Sensex and Nifty rebounded in early trade on Wednesday after heavy drubbing in the previous session amid buying in blue-chip bank stocks and a firm trend in Asian peers.

The 30-share BSE benchmark gauge Sensex bounced back in early trade and climbed 267.68 points to 81,454.12. The NSE Nifty went up by 82.25 points to 24,766.15.

From the Sensex firms, Nestle, HDFC Bank, Hindustan Unilever, Maruti, UltraTech Cement, ICICI Bank, Axis Bank, Tata Consultancy Services, Tata Motors and State Bank of India were the biggest gainers.

Eternal, IndusInd Bank, Adani Ports and Kotak Mahindra Bank were among the laggards.

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

US markets ended lower on Tuesday.

Global oil benchmark Brent crude jumped 1.48 per cent to USD 66.34 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,016.10 crore on Tuesday, according to exchange data.

Retreating from early highs, the 30-share BSE Sensex tanked 872.98 points or 1.06 per cent to settle at 81,186.44 on Tuesday. The Nifty tumbled 261.55 points or 1.05 per cent to 24,683.90.