Markets rebound after 2 days of decline; Sensex jumps nearly 350 points in early trading


Equity benchmark indices rebounded on Wednesday after two days of decline, with the Sensex rising nearly 350 points in early trade amid broadly upbeat Asian markets and helped by buying in index heavyweights Reliance Industries and Infosys.

The Sensex traded 349.66 points higher at 58,926.03. The Nifty gained 109.85 points to 17,640.15.

From the 30 stock package, prominent winners included Bajaj Finance, Tata Steel, Bharti Airtel, Larsen & Toubro, Hindustan Unilever Limited, Reliance Industries, M&M, Maruti Suzuki, Wipro, ITC and Infosys.

In contrast, Dr. Reddy’s, Asian Paints, HDFC Bank and Titan were the stragglers.

In the previous trade, the Sensex fell 388.20 points, or 0.66%, to settle at 58,576.37. The Nifty fell 144.65 points, or 0.82%, to end at 17,530.30.

Meanwhile, retail inflation rose to a 17-month high of 6.95% in March and remained above the Reserve Bank’s upper tolerance limit, while factory production grew just 1.7% in February, according to official data released on Tuesday.

In Asia, markets traded higher for the most part, with Hong Kong, Seoul and Tokyo trading in the green while Shanghai was marginally lower on trades during the session.

Stocks in the US ended slightly lower on Tuesday.

International oil benchmark Brent crude edged up 0.05% to $104.69 a barrel.

Overseas institutional investors continued to sell ₹3,128.39 crore of shares, according to stock market data on Tuesday.

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