Markets Rebound on Day 3; Sensex jumps to 817 points

The results of the general elections in five states also contributed to the increase

The results of the general elections in five states also contributed to the increase

Equity benchmarks continued Thursday’s third-day run, jumping over 1.50%, following an overall bullish trend in Asian equities.

On the political front, the Bharatiya Janata Party (BJP) was heading for a second consecutive victory in politically pivotal Uttar Pradesh and dominating the trend charts in three other states.

The 30-period BSE benchmark Sensex opened in the green, up 1,595.14 points, or 2.91%, to 56,242.47 during early trade. However, it pared some of the early gains during the weak end of trading amid weak European markets and a rebound in oil prices. It eventually settled at 55,464.39, up 817.06 points, or 1.50%.

Similarly, the NSE Nifty rose 249.55 points, or 1.53%, to close at 16,594.90.

From the 30-stock Sensex package, the top gainers were Hindustan Unilever Limited, Tata Steel, State Bank of India, Axis Bank, IndusInd Bank, Bajaj Finserv, Nestle and Maruti Suzuki India, rising to 5.17%.

In contrast, Tech Mahindra, Dr. Reddy’s Laboratories and Tata Consultancy Services are the laggards.

“The Indian market staged a strong rebound after a brutal slump thanks to some positive news on the Russia-Ukraine standoff which should help global stock markets to recover and commodity prices to cool, however the Indian stock market will only be impacted for one day and the market focus will remain on the Russia-Ukraine issue as uncertainties persist.

“US inflation numbers are due out today and will be a critical factor at the upcoming US Fed meeting. Markets are likely to remain volatile into the Fed meeting,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

Stock exchanges in Hong Kong, Tokyo and Shanghai oscillated higher.

Stock exchanges in the US closed with significant gains on Wednesday.

European bourses traded lower.

In previous trade, the BSE benchmark settled at 54,647.33, up 1,223.24 points, or 2.29%, for its biggest one-day gain since February 25.

The Nifty was also up 331.90 points, or 2.07%, to end at 16,345.35.

Meanwhile, international oil benchmark Brent rose 4.91% to $116.6 a barrel.

Overseas institutional investors continued their selling spree in Indian markets as they sold ₹4,818.71 crore of shares on a net basis, according to stock market data on Wednesday.

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