Markets rebound in early trade after 4-day slump

PTI

Mumbai, September 27

Benchmark indices rebounded in early trade on Tuesday after falling in the last four sessions amid partial recovery in Asian markets.

After a positive beginning, the 30-share BSE Sensex climbed 461.82 points to 57,607.04 in initial trade. Similarly, the broader NSE Nifty advanced 144.15 points to 17,160.45.

Among the 30-share Sensex pack, ITC, Power Grid, Hindustan Unilever, Infosys, Wipro, ICICI Bank, Nestle and NTPC were major winners in early trade.

Maruti, Titan, Tata Steel, Reliance Industries and Kotak Mahindra Bank were the laggards.

Elsewhere in Asia, markets in Tokyo and Shanghai quoted in the green, while Seoul and Hong Kong traded lower.

The US markets ended in the negative territory on Monday.

Markets are likely to take a breather from the recent corrections and start Tuesday's session on a higher note, tracking recovery in select Asian indices even as US markets in overnight trades continued the declining trend, said Prashanth Tapse, Research Analyst, Senior VP (Research), Mehta Equities, in his pre-market opening comment.

"However, markets may continue to wobble intra-day amidst escalating risks of a global recession driven largely by aggressive monetary tightening around the world to suppress elevated inflation," Tapse added.

Meanwhile, the international oil benchmark Brent crude climbed 0.54 per cent to USD 84.51 per barrel.

Foreign institutional investors offloaded shares worth Rs 5,101.3 crore on Monday, according to data available with the BSE. 

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