Sensex Soars 410 Points, Nifty Reclaims 24,800 As HDFC Bank, ICICI Bank Lead Market Recovery

Mumbai: Benchmark stock indices Sensex and Nifty rebounded sharply on Wednesday, snapping their three-day falling streak on the back of buying in blue-chips HDFC Bank and ICICI Bank and a firm trend in Asian peers.

The 30-share BSE Sensex jumped 410.19 points or 0.51 per cent to settle at 81,596.63. During the day, it surged 835.2 points or 1.02 per cent to 82,021.64.

The NSE Nifty climbed 129.55 points or 0.52 per cent to 24,813.45.

Among Sensex firms, Bajaj Finserv, Tata Steel, Sun Pharma, Tech Mahindra, Bajaj Finance, NTPC, Nestle, Tata Motors, Hindustan Unilever and Mahindra & Mahindra were the biggest gainers.

IndusInd Bank, Kotak Mahindra Bank, Power Grid and ITC were among the laggards.

Moody's Ratings said on Wednesday said 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.

Among Asian markets, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng in settled in the positive territory while Japan's Nikkei 225 index ended lower.

Markets in Europe were trading in the negative territory. US markets ended lower on Tuesday.

"Markets exhibited a broadly positive undertone today; however, overall sentiment remained confined within a narrow range, indicating risk of “sell on rallies” strategy in the near future amid escalating uncertainty around India - US trade negotiations," Vinod Nair, Head of Research, Geojit Investments Limited, said.

Global oil benchmark Brent crude jumped 1.19 per cent to USD 66.16 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,016.10 crore on Tuesday, according to exchange data.

Sensex tanked 872.98 points or 1.06 per cent to settle at 81,186.44 while Nifty tumbled 261.55 points or 1.05 per cent to 24,683.90.

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