Sensex rebounds 358 pts on buying in HDFC Bank & RIL

Mumbai: Benchmark equity indices Sensex and Nifty recovered by more than half cent on Thursday following buying in index majors HDFC Bank and Reliance Industries.

The 30-share BSE Sensex jumped 358.79 points or 0.51 per cent to settle at 70,865.10 with 21 of its stocks ending in the green and nine in the red.

The barometer opened lower and fell further by 585.92 points or 0.83 per cent to a low of 69,920.39.

But, markets found the winning momentum in the afternoon session and climbed 452.4 points or 0.64 per cent to 70,958.71.

The broader Nifty rallied 104.90 points or 0.50 per cent to 21,255.05 as 38 of its constituents advanced and 12 declined. During the day, it hit a high of 21,288.35 and a low of 20,976.80.

Among the Sensex firms, Power Grid rose the most by 2.27 per cent, HDFC Bank by 1.82 per cent, Kotak Bank by 1.66 per cent, and Reliance Industries by 1.38 per cent. NTPC, State Bank of India, Tata Steel and Bharti Airtel were also among the gainers.

Bajaj Finance, Axis Bank, HCL Tech and Mahindra & Mahindra were among the major laggards.

In the broader market, the BSE smallcap gauge jumped 1.69 per cent and midcap index climbed 1.61 per cent.

Among the indices, utilities rallied 2.46 per cent, power jumped 2.43 per cent, oil & gas (1.72 per cent), telecommunication (1.64 per cent) and energy (1.62 per cent). Auto emerged as the only laggard.

The rupee fell by 9 paise to settle at 83.27 against the US dollar on Thursday as withdrawal of foreign funds amid concerns over global trade disruption through the

Red Sea route dented investor sentiment.