The Indian equity benchmarks, Sensex and Nifty, rebounded sharply on Friday after a three-day losing streak. The BSE Sensex jumped 606 points or 0.85% to 71,792 in early trade. The NSE Nifty also rose 177 points or 0.82% to 21,639.
The rebound was broad-based, with all sectoral indices trading higher. Banks, IT, metal, and capital goods stocks led the rally, surging over 1% each. Bharti Airtel, Axis Bank, Titan, Tech Mahindra, ICICI Bank, and Tata Steel were among the top Sensex gainers. However, IndusInd Bank, Reliance Industries, Sun Pharma, and PowerGrid bucked the trend and traded lower.
In the broader market, mid-cap and small-cap shares also joined the rally, rising 0.8% and 0.9% respectively. This indicates improved risk appetite among investors.
The markets had declined for three straight sessions earlier, unnerved by weak global cues and continued selling by foreign investors. On Thursday, Sensex had shed 314 points or 0.44% to end at 71,187, while Nifty lost 110 points or 0.51% to settle at 21,462.
The rebound on Friday was powered by upbeat cues from global markets. Overnight, US stocks ended higher even as Asia markets presented a mixed picture earlier in the day.
Going ahead, the sustenance of foreign capital inflows and positive cues from global markets will be key for further upside. High crude oil prices and domestic inflation data remain on investor radars as key macro monitors.
