Markets rebound sharply on buying in bank stocks firm global trends

Mumbai, April 29

Benchmark BSE Sensex rebounded sharply by 941 points while NSE Nifty closed above the 22,600 level on Monday on the back of buying in banking and infra shares and a global stocks rally.

The 30-share BSE Sensex jumped 941.12 points or 1.28 per cent to settle at 74,671.28. During the day, it zoomed 990.99 points or 1.34 per cent to 74,721.15.

The NSE Nifty went up by 223.45 points or 1 per cent to 22,643.40.

From the Sensex basket, ICICI Bank climbed nearly 5 per cent after the company on Saturday said its March quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore, helped by lower provisions.

IndusInd Bank, UltraTech Cement, State Bank of India, Axis Bank, Kotak Mahindra Bank, Tata Consultancy Services, Bajaj Finance and HDFC Bank were the other major gainers.

HCL Technologies tanked nearly 6 per cent after the company reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore.

ITC, Wipro and Bajaj Finserv were the other laggards.

In Asian markets, Seoul, Shanghai and Hong Kong settled in the positive territory.

European markets were trading on a mixed note. Wall Street ended with gains on Friday.

“The Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter. Easing Middle East tensions, coupled with stable earnings, are expected to maintain positive market sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.51 per cent to USD 89.04 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,408.88 crore on Friday, according to exchange data.

The BSE benchmark Sensex tanked 609.28 points or 0.82 per cent to settle at 73,730.16 on Friday. The NSE Nifty declined 150.40 points or 0.67 per cent to 22,419.95.