Markets rebound after heavy decline in previous trade; Sensex, Nifty rally nearly 3 per cent

PTI

Mumbai, May 20

Equity benchmarks bounced back sharply on Friday after facing a heavy drubbing in the previous trade, with the Sensex and Nifty jumping nearly 3 per cent, aided by positive trends from global markets and across-the-board buying.

Index majors Reliance Industries and HDFC twins saw robust buying, helping the benchmarks.

The 30-share BSE Sensex rallied 1,534.16 points or 2.91 per cent to settle at 54,326.39. During the day, it zoomed 1,604.2 points or 3.03 per cent to 54,396.43.

The broader NSE Nifty jumped 456.75 points or 2.89 per cent to finish at 16,266.15.

All the Sensex firms ended in the green, with Dr Reddy’s, Reliance Industries, Tata Steel, Nestle, Larsen & Toubro, Axis Bank, IndusInd Bank, Sun Pharma, State Bank of India and HDFC emerging as the biggest gainers.

The BSE benchmark had dived 1,416.30 points or 2.61 per cent to settle at 52,792.23 on Thursday. The NSE Nifty had tanked 430.90 points or 2.65 per cent to end at 15,809.40.

Meanwhile, Asian markets in Hong Kong, Shanghai, Seoul and Tokyo finished in the green.

Equity exchanges in Europe were also trading with significant gains in the afternoon session.

Stock markets in the US had ended lower on Thursday.

International oil benchmark Brent crude dipped 0.11 per cent to USD 111.9 per barrel.

Foreign institutional investors offloaded shares worth a net Rs 4,899.92 crore on Thursday, as per stock exchange data.

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