Sensex, Nifty Rebound Sharply in Early Trade as Crude Oil Prices Fall and Global Markets Recover
Mumbai, March 10: Benchmark equity indices Sensex and Nifty rebounded strongly in early trading on Tuesday after two consecutive sessions of steep declines. The recovery comes as crude oil prices dropped sharply and global markets showed signs of improvement amid hopes that the conflict in West Asia could ease soon.Sensex Surges Over 800 Points, Nifty Climbs Above 24,280
The 30 share BSE Sensex jumped 809.57 points in opening trade to reach 78,375.73. Meanwhile, the 50 share NSE Nifty advanced 252.75 points to 24,280.80.The rally followed a significant fall in crude oil prices, which helped improve investor sentiment.
Brent Crude Falls Over 5 Percent
Brent crude, the global oil benchmark, declined 5.18 percent to $93.83 per barrel. The drop in oil prices comes after sharp volatility in the previous session, when Brent crude had surged close to $120 before reversing direction.Market participants said easing crude prices helped restore risk appetite across global equity markets.
Mixed Performance Among Sensex Constituents
Among the major gainers in the Sensex pack were InterGlobe Aviation, UltraTech Cement, Asian Paints, Adani Ports, Mahindra and Mahindra, and Titan.However, some stocks lagged the broader market, including Reliance Industries, Infosys, HCL Tech, and Tech Mahindra.
Global Markets Recover
Global markets also witnessed a recovery. In Asia, South Korea’s Kospi rebounded sharply by nearly 5 percent, while Japan’s Nikkei 225 rose 2.5 percent. China’s Shanghai SSE Composite and Hong Kong’s Hang Seng index were also trading in positive territory.US equities closed higher on Monday, providing additional support to investor sentiment.
FIIs Continue Selling, DIIs Provide Support
Foreign Institutional Investors sold equities worth Rs 6,345.57 crore on Monday, according to exchange data. In contrast, Domestic Institutional Investors bought stocks worth Rs 9,013.80 crore, helping cushion the market fall.Markets Had Seen Sharp Decline on Monday
The rebound follows a steep decline in the previous session. On Monday, the Sensex plunged 1,352.74 points, or 1.71 percent, to settle at 77,566.16, marking its second straight day of losses.Similarly, the Nifty fell 422.40 points, or 1.73 percent, to close at 24,028.05.
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