Sensex, Nifty rebound nearly 1% on gains in auto, IT stocks

Equity benchmark indices Sensex and Nifty bounced back on Thursday to close higher by nearly 1 percent on gains in banking, IT and auto shares amid mixed global trends. The 30-share BSE Sensex rose by 443.19 points or 0.86 percent to settle at 52,265.72. During the day, it rallied 694.26 points or 1.33 percent to 52,516.79.

The NSE Nifty advanced 143.35 points or 0.93 percent to 15,556.65. From the Sensex pack, Maruti, M&M, Asian Paints, Bharti Airtel, TCS, Sun Pharma, Wipro, ICICI Bank and Hindustan Unilever were the major gainers. On the other hand, Reliance Industries, NTPC, Power Grid and UltraTech Cement were the laggards.

Elsewhere in Asia, stock markets in Hong Kong, Shanghai and Tokyo ended with gains while Seoul settled lower. European markets were trading in the red in mid-session deals. The US markets ended marginally lower on Wednesday.

“The Indian markets opened on a positive note following Asian market peers which were trading mostly in the green led by China. During the afternoon session markets trimmed some of their gains as European markets struggled to shrug-off recession fears but managed to trade in the green,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers.

The 30-share BSE Sensex tanked 709.54 points or 1.35 percent to settle at 51,822.53 on Wednesday. The NSE Nifty fell 225.50 points or 1.44 percent to end at 15,413.30. Meanwhile, international oil benchmark Brent crude declined 1.92 percent to USD 109.60 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,920.61 crore on Wednesday, as per exchange data. 

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