Markets rebound nearly 1% on easing oil prices

Mumbai: Benchmark BSE Sensex rebounded by over 1 per cent on Thursday following value buying in banking, IT and auto shares after two days of losses and a largely positive trend in global markets.

The 30-share BSE barometer climbed 659.31 points or 1.12 per cent to settle at 59,688.22 as 24 of its constituents advanced.

The broader NSE Nifty also bounced back by 174.35 points or 0.99 per cent to close at 17,798.75 with 33 stocks closing with gains.

Foreign fund inflows and cooling crude oil prices bolstered the investor sentiment, analysts said.

Tech Mahindra rose the most by 3.23 per cent among Sensex shares. Axis Bank, ICICI Bank, Mahindra & Mahindra, Bharti Airtel, State Bank of India, UltraTech Cement, Bajaj Finserv, IndusInd Bank and Asian Paints emerged as the biggest gainers among Sensex shares. Tata Steel, NTPC, Titan, Nestle and Power Grid were the laggards.

In the broader market, the BSE smallcap gauge climbed 0.60 per cent and midcap index ended higher by 0.29 per cent.

Among the BSE sectoral indices, bank jumped 1.94 per cent, followed by finance (1.54 per cent), teck (1.04 per cent), IT (1.02 per cent) and telecom (0.71 per cent). Utilities, consumer durables, metal, power and realty were the laggards.

A total of 2,062 stocks advanced, while 1,402 declined and 125 remained unchanged.

Meanwhile, the international oil benchmark Brent crude dipped 0.49 per cent to $87.57 per barrel. The rupee rose by 26 paise to close at a week's high of 79.69 against the US dollar on Thursday amid easing crude oil prices and a firm trend in domestic equities.