Markets rebound in early trade amid ongoing optimistic trend in equities

Mumbai, April 10

Benchmark equity indices rebounded in early trade on Wednesday amid the ongoing optimistic trend in equities and buying in largecap stocks.

The 30-share BSE Sensex climbed 273.65 points to 74,957.35 in early trade. The NSE Nifty advanced 83.85 points to 22,726.60.

From the Sensex basket, Bharti Airtel, Tata Steel, Reliance Industries, Kotak Mahindra Bank, Axis Bank and State Bank of India were the major gainers.

HDFC Bank, Tata Consultancy Services, UltraTech Cement, and Wipro were the laggards.

In Asian markets, Tokyo and Shanghai traded lower while Hong Kong quoted in the positive territory. Wall Street ended mostly with gains on Tuesday.

“Positive factors such as expectations of robust Q4 corporate earnings and a pre-election rally are supporting the market,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude climbed 0.04 per cent to USD 89.46 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 593.20 crore on Tuesday, according to exchange data.

“A significant recent healthy trend in the market is the outperformance of the fundamentally strong largecaps over the mid and smallcaps. This trend is making the market healthier and, therefore, has the potential to continue,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The BSE benchmark declined 58.80 points or 0.08 per cent to settle at 74,683.70 on Tuesday.

The benchmark breached the historic 75,000-mark for the first time ever during the day. The NSE Nifty dipped 23.55 points or 0.10 per cent to 22,642.75. It hit the record peak of 22,768.40 during the day.