Equity markets rebound over 1%, propelled by buying in financials and FMCG stocks

Mumbai: Benchmark stock indices Sensex and Nifty rebounded over 1 per cent on Wednesday following buying in FMCG, financials and auto stocks amid softening crude oil prices and foreign funds turning net buyers of domestic equities after a long gap.

The 30-share BSE barometer climbed 616.62 points or 1.16 per cent to settle at 53,750.97 as 25 of its shares ended in the green. During the day, it rallied 684.96 points or 1.28 per cent to 53,819.31.

The NSE Nifty shot up 178.95 points or 1.13 per cent to 15,989.80 with 40 constituents posting gains.

Among Sensex shares, Bajaj Finserv, Bajaj Finance, Hindustan Unilever, Asian Paints, Titan, Maruti Suzuki India, Kotak Mahindra Bank and Nestle were the major gainers.

Power Grid, NTPC, Reliance Industries, Larsen & Toubro and Tata Steel were the laggards.

In the broader market, the BSE midcap gauge jumped 1.76 per cent and smallcap index climbed 0.94 per cent.

Among the BSE sectoral indices, auto jumped 2.73 per cent, followed by consumer discretionary goods & services (2.47 per cent), FMCG (2.45 per cent), consumer durables (2.42 per cent) and realty (2.39 per cent). Energy and metal were the only laggards.

The rupee sprung back 39 paise — its best single-day gain in over three months — to close at 78.94 against the US currency on Wednesday after a sharp correction in crude oil, FIIs repositioning in capital markets and strong gains in local equties.