Sensex, Nifty Rebound After Early Dip; Infosys, ITC Lead Recovery

Mumbai, February 17: The benchmark equity indices opened lower on Tuesday but staged a recovery as buying interest in select blue chip stocks lifted market sentiment.

Early Decline in Benchmark Indices​

The 30 share BSE Sensex slipped 289.72 points in early trade to 82,987.43. The 50 share NSE Nifty also declined by 112.45 points to 25,570.30 during the initial session.

However, the weakness proved short lived as both indices reversed losses and moved into positive territory later in the morning.

The Sensex was trading 116.08 points higher at 83,393.23, while the Nifty gained 12.90 points to quote at 25,695.65.

Blue Chips Drive Market Recovery​

The rebound was supported by gains in key heavyweights. Among the Sensex constituents, Infosys, ITC, HCL Technologies, Asian Paints, Tech Mahindra, Bharat Electronics Ltd, Tata Consultancy Services, IndiGo, Sun Pharmaceuticals, and Larsen and Toubro emerged as the top gainers.

On the other hand, Eternal, Tata Steel, ICICI Bank, Bajaj Finserv, Kotak Mahindra Bank, Reliance Industries, UltraTech Cement, Bajaj Finance, Axis Bank, and Mahindra and Mahindra were among the laggards.

Global Market Cues Remain Mixed​

In Asian markets, Japan’s Nikkei 225 traded nearly 1 percent lower. Meanwhile, markets in China, Hong Kong, and South Korea remained shut due to the Lunar New Year holidays.

The US equity market was also closed on Monday on account of Presidents Day.

FII, DII Activity and Crude Oil Movement​

According to exchange data, foreign institutional investors sold equities worth Rs 972.13 crore on Monday. In contrast, domestic institutional investors bought shares worth Rs 1,666.98 crore.

Brent crude, the global oil benchmark, declined 0.41 percent to USD 68.37 per barrel.

Previous Session Performance​

On Monday, the BSE Sensex had surged 650.39 points to close at 83,277.15. The NSE Nifty had advanced 211.65 points to settle at 25,682.75, snapping a two day losing streak.