Markets zoom amid global rebound

Markets zoom amid global rebound

Sensex zooms 425 pts; Nifty reaches close to 11,500 mark

Mumbai: Benchmark Sensex rebounded about 425 points to end well above the 38,000-mark on Tuesday, breaking its two-day falling streak on gains in heavyweights RIL, SBI and ICICI Bank amid persistent foreign fund inflows and positive global leads.

The broader NSE Nifty too inched closer to the key 11,500 mark. A stronger rupee, which climbed 19 paise to 68.77 against the US dollar (intra-day), also supported the rally, brokers said.

The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.

It finally ended at 38,233.41, up 424.50 points, or 1.12 per cent. The broader NSE Nifty climbed 129 points, or 1.14 per cent, to close at 11,483.25.

Foreign institutional investors (FIIs) remained net buyers, pumping in Rs 150.40 crore, while domestic institutional investors (DIIs) sold shares worth Rs 12.52 crore on Monday, provisional data showed.

Globally, Asian and European stocks bounced back, reversing part of their recent losses, as US Treasury yields edged higher, easing concerns about a recession in the world's largest economy.

In the sectoral indices, bankex gained 2.19 per cent, power 1.70 per cent, PSU 1.31 per cent, metal 1.11 per cent, consumer durables 1.08 per cent, infrastructure 0.99 per cent, oil and gas 0.97 per cent, realty 0.73 per cent, healthcare 0.61 per cent, FMCG 0.13 per cent and capital goods 0.15 per cent.

IT and teck indices, however, shed up to 0.58 per cent. Broader markets too were in a better shape in tandem with the overall trend, with the BSE mid-cap and small-cap indices gaining 1.09 per cent and 0.66 per cent.

Elsewhere in Asia, Japan's Nikkei surged 2.15 per cent, while Hong Kong's Hang Seng inched up 0.15 per cent, Singapore's Straits Times rose 0.55 per cent, Taiwan index gained 0.76 per cent and Korea's KOSPI advanced 0.18 per cent.

However, Shanghai Composite Index fell 1.51 per cent. Among European markets, Paris CAC 40 rose 0.36 per cent but Frankfurt's DAX shed 0.10 per cent in their morning deals. London's FTSE gained 0.36 per cent.

The US Dow Jones Industrial Average ended slightly higher by 0.06 per cent in Monday's trade.

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