Sensex, Nifty jump in early trade mirroring rally in global markets

Stock market benchmark indices Sensex and Nifty rebounded in early trade on Wednesday after three-days of decline in tandem with a rally in global peers and fresh foreign fund inflows.

The 30-share BSE Sensex climbed 307.93 points to 84,894.94 in early trade. The 50-share NSE Nifty went up by 93.5 points to 25,978.30.

From the Sensex firms, Tata Motors Passenger Vehicles, Adani Ports, Tata Steel, Trent, Power Grid and Axis Bank were among the major gainers.

Bharti Airtel emerged as the only laggard from the pack during the morning trade.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were trading in positive territory.

US markets ended higher on Tuesday.

“Global markets are offering a strong and supportive backdrop for Indian equities this morning. US indices posted robust overnight gains, while Asian markets are trading firmly in the green after the latest US economic releases — including September retail sales and producer price data — signalled softening demand and cooling inflation, reinforcing expectations of a December rate cut,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

Foreign Institutional Investors (FIIs) bought equities worth Rs 785.32 crore on Tuesday, and Domestic Institutional Investors (DII) also purchased stocks worth Rs 3,912.47 crore, according to exchange data.

Brent crude, the global oil benchmark, climbed 0.35 per cent to USD 62.70 per barrel.

On Tuesday, the Sensex dropped 313.70 points or 0.37 per cent to settle at 84,587.01. The Nifty declined 74.70 points or 0.29 per cent to 25,884.80.