Markets rebound in early trade amid foreign fund inflows
Stock market benchmark indices rebounded in early trade on Thursday after falling sharply in the previous session as continuous foreign fund inflows and buying in blue-chip Reliance Industries supported the recovery in equities.
The 30-share BSE benchmark Sensex climbed 202.83 points to 77,491.33 in early trade despite a weak opening. The NSE Nifty went up by 48.65 points to 23,535.50, recovering all the opening lost ground.
From the Sensex pack, Larsen & Toubro, Zomato, ICICI Bank, Axis Bank, NTPC, Titan, Power Grid and Reliance Industries were the biggest gainers.
Tata Motors tanked 5 per cent after US President Donald Trump announced he will impose 25 per cent tariffs on imported cars.
Sun Pharma, Asian Paints, Mahindra & Mahindra, IndusInd Bank and Hindustan Unilever were also the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,240.55 crore on Wednesday, according to exchange data.
In Asian markets, Shanghai and Hong Kong traded in the positive territory while Seoul and Tokyo quoted lower.
US markets ended in the negative territory on Wednesday.
“The market has turned cautious as the reciprocal tariff day approaches. Institutional activity suggests that while FIIs are not overly concerned about tariffs, DIIs (Domestic Institutional Investors) are taking a cautious stance. Trump’s latest decision to impose a 25 per cent duty on all car imports to the US will impact Tata Motors which exports a significant chunk of JLR cars to the US,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments, said.
Global oil benchmark Brent crude traded 0.07 per cent up at USD 73.84 a barrel.
The BSE benchmark gauge tanked 728.69 points or 0.93 per cent to settle at 77,288.50 on Wednesday. The Nifty dropped 181.80 points or 0.77 per cent to 23,486.85.
