Markets Rebound After Sharp Drop in Earlier Trading; Sensex recovers over 635 points

Sun Pharma, Bajaj Finserv, Titan, Bajaj Finance, IndusInd Bank, Reliance Industries, Dr Reddy’s and Tata Steel were the biggest gainers in early trading

Sun Pharma, Bajaj Finserv, Titan, Bajaj Finance, IndusInd Bank, Reliance Industries, Dr Reddy’s and Tata Steel were the biggest gainers in early trading

The Sensex rallied in early trading on Friday after falling sharply the day before and jumped more than 635 points, along with rallying in Asian markets and buying in major Reliance Industries indices.

The 30-share BSE Sensex was trading 635.43 points higher at 53,565.74. The broader NSE Nifty jumped 186.4 points to 15,994.40.

Among Sensex firms, Sun Pharma, Bajaj Finserv, Titan, Bajaj Finance, IndusInd Bank, Reliance Industries, Dr Reddy’s and Tata Steel were the biggest gainers in early trading. In contrast, NTPC and TCS were the laggards.

Markets in Asia were trading in the green, with Tokyo, Hong Kong, Seoul and Shanghai trading significantly higher.

“Asian stocks rode a rollercoaster ride on Friday amid a lull in global markets,” said Deepak Jasani, director of retail research at HDFC Securities.

Stock markets in the US ended on a mixed note on Thursday.

Meanwhile, Brent crude, the international oil benchmark, rose 1.57% to $109.14 a barrel.

The Sensex fell 1,158.08 points or 2.14% to close at 52,930.31 on Thursday. The NSE Nifty fell 359.10 points or 2.22% to 15,808.

Continuing their sell-off, overseas institutional investors dumped Rs 5,255.75 crore worth of shares on Thursday, according to stock exchange data.

Prashanth Tapse, Vice President (Research) at Mehta Equities Ltd, said caution will still prevail among investors after CPI inflation hit 7.79%, an 8-year high.

India’s headline inflation galloped for the seventh straight month to hit an 8-year high of 7.79% in April on rising food and fuel prices, raising the odds that the RBI would hike interest rates. interest early next month to control prices.

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