Stock markets rebound on buying in IT counter; Sensex jumps over 513 points

Equity benchmark indices Sensex and Nifty bounced back sharply on Wednesday, driven by a rally in IT stocks and sustained buying from domestic institutional investors amid growing hopes for an India-US trade deal.

The 30-share BSE Sensex jumped 513.45 points, or 0.61 per cent, to settle at 85,186.47. During the day, the benchmark surged 563.75 points, or 0.66 per cent, to 85,236.77.

The 50-share NSE Nifty climbed 142.60 points, or 0.55 per cent, to 26,052.65.

From the Sensex pack, HCL Tech, Infosys, Tata Consultancy Services, Hindustan Unilever, Sun Pharma and Titan were among the biggest gainers.

In contrast, Tata Motors Passenger Vehicles, Maruti, Adani Ports and Bajaj Finance were among the laggards.

Meanwhile, Commerce and Industry Minister Piyush Goyal on Tuesday said "you will hear good news" on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng index settled lower. In contrast, Shanghai's SSE Composite index ended in the green.

Markets in Europe were trading mostly lower in mid-session deals. US markets ended in negative territory on Tuesday.

Foreign institutional investors (FIIs) offloaded equities worth Rs 728.82 crore on Tuesday. However, domestic institutional investors (DIIs) bought stocks worth Rs 6,156.83 crore, according to exchange data.

Brent crude, the global oil benchmark, dipped 0.39 per cent to USD 64.64 per barrel.

On Tuesday, the Sensex declined 277.93 points or 0.33 per cent to settle at 84,673.02. The Nifty dipped 103.40 points or 0.40 per cent to 25,910.05.