Markets bounce back on buying in bank stocks; Sensex jumps over 800 points

Mumbai: Stock market benchmark indices Sensex and Nifty rebounded sharply in morning trade on Wednesday after heavy drubbing in the previous session amid buying in blue-chip bank stocks and a firm trend in Asian peers. The 30-share BSE benchmark gauge Sensex bounced back in early trade and later jumped 835.2 points or 1.02 per cent to 82,021.64. The NSE Nifty surged 262.3 points or 1.06 per cent to 24,946.20.

From the Sensex firms, Sun Pharma, Bajaj Finance, UltraTech Cement, Mahindra & Mahindra, Bajaj Finserv, Tech Mahindra, HDFC Bank and Tata Motors were the biggest gainers. IndusInd Bank emerged as the only laggard. Moody's Ratings said on Wednesday, India is well-positioned to deal with the negative effects of US tariffs and global trade disruptions as domestic growth drivers and low dependence on exports anchor the economy. In a note on India, the agency said government initiatives to boost private consumption, expand manufacturing capacity and increase infrastructure spending will help offset the weakening outlook for global demand. In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng were trading in the positive territory while Japan's Nikkei 225 index quoted lower. US markets ended lower on Tuesday. Global oil benchmark Brent crude jumped 1.62 per cent to USD 66.44 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,016.10 crore on Tuesday, according to exchange data. Retreating from early highs, the 30-share BSE Sensex tanked 872.98 points or 1.06 per cent to settle at 81,186.44 on Tuesday. The Nifty tumbled 261.55 points or 1.05 per cent to 24,683.90.