Markets stage sharp rebound on softening crude oil prices, Sensex jumps 787 points

Mumbai: Benchmark indices Sensex and Nifty staged a sharp rebound on Monday after falling in early trade following a correction in crude oil prices amid reports of ceasefire efforts in the ongoing West Asia war.

Intense buying in banking and IT stocks, and a strengthening rupee, supported investor sentiment, traders said.

In a volatile session, the 30-share BSE Sensex jumped 787.30 points, or 1.07 per cent, to settle at 74,106.85. During the day, it surged 887.91 points, or 1.21 per cent, to 74,207.46.

A total of 3,207 stocks advanced, while 1,147 declined and 190 remained unchanged on the BSE.

The 50-share NSE Nifty edged higher by 255.15 points, or 1.12 per cent, to end at 22,968.25.

From the 30-Sensex firms, Trent jumped the most by 7.89 per cent. Axis Bank, Titan, Larsen & Toubro, UltraTech Cement and Bajaj Finance were also among the major gainers.

On the other hand, Reliance Industries and Sun Pharma were the laggards.

Sectorally, BSE PSU Bank surged 2.37 per cent, Consumer Durables (2.30 per cent), Private Banks index (2.15 per cent), Financial Services (2.12 per cent), BSE Top 10 Banks (2.07 per cent), Bankex (2.03 per cent) and utilities (1.94 per cent). In contrast, energy and oil & gas were the laggards.

Consumer durables emerged as the top performer, supported by a strong demand outlook and interest in consumption-led themes. IT stocks also outperformed, with the Nifty IT index gaining on the back of rupee movements and defensive buying amid geopolitical uncertainty, as currency weakness supports export-oriented earnings.

Brent crude, the global oil benchmark, dropped 0.71 per cent to $108.3 per barrel.

FIIs offloaded equities worth Rs 9,931.13 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 7,208.41 crore.