Markets rebound after 2-days of decline, Sensex rises 267 pts

Mumbai: Equity benchmark indices Sensex and Nifty closed higher on Monday after two days of decline, supported by buying in index majors Infosys, ITC and Bajaj Finance amid a mixed trend in global markets.

In a range-bound trade, the 30-share BSE Sensex climbed 267.43 points or 0.41 per cent to settle at 65,216.09. During the day, it jumped 387.16 points or 0.59 per cent to 65,335.82.

The NSE Nifty gained 83.45 points or 0.43 per cent to end at 19,393.60.

Bajaj Finance was the biggest gainer in the Sensex pack, rising 2.70 per cent, followed by Power Grid, IndusInd Bank, NTPC, Bharti Airtel, ITC, Bajaj Finserv, Infosys, Nestle, Tata Steel, Tata Consultancy Services, Titan and Axis Bank.

Reliance Industries, Mahindra & Mahindra, Maruti and State Bank of India were among the laggards.

Meanwhile, shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, listed on the bourses on Monday.

In Asian markets, Seoul and Tokyo settled in the green, while Shanghai and Hong Kong ended lower.

European markets were trading with gains. The US markets ended on a mixed note on Friday.

“A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fuelled by concerns about rate hikes.

“Investors are keenly observing the commentary from the Fed chair during its forthcoming summer conference for interest rate insights,” said Vinod Nair, Head of Research at Geojit Financial Services.

The rupee depreciated by 2 paise and settled for the day at an all-time low of 83.12 against the US dollar on Monday, weighed down by a surge in crude oil prices and selling pressure by foreign investors.

Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 266.98 crore on Friday, according to exchange data. Global oil benchmark Brent crude climbed 0.60 per cent to $85.31 a barrel.