Markets rebound in early trade
Benchmark indices rebounded in early trade on Friday after falling the previous day amid mixed global market trends. The BSE Sensex climbed 342.07 points to 59,108.66 in early trade. Similarly, the NSE Nifty advanced 101.05 points to 17,643.85.
From the Sensex pack, NTPC, ITC, Bajaj Finance, Kotak Mahindra Bank, Larsen & Toubro, Titan, Mahindra & Mahindra and Asian Paints were among the gainers in early trade. Tata Steel, IndusInd Bank, Reliance Industries, HDFC, UltraTech Cement and Bajaj Finserv were among the laggards. Elsewhere in Asia, markets in Seoul and Shanghai were trading higher, while Tokyo and Hong Kong quoted lower in mid-session deals.
The US markets had ended mostly higher on Thursday. The BSE benchmark fell 770.48 points or 1.29 per cent to settle at 58,766.59 on Thursday. The Nifty declined 216.50 points or 1.22 per cent to 17,542.80. Meanwhile, the international oil benchmark Brent crude climbed 1.87 per cent to USD 94.09 per barrel. Foreign institutional investors (FIIs) offloaded shares worth Rs 2,290.31 crore on Thursday, as per exchange data.
"Local benchmark indices are likely to log gains in early trades Friday amid mixed Asian market cues, and if global cues improve, there is a bright chance that Nifty could scale higher," Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd said in his pre-opening market comment.
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