Markets snap 4-day losing trend tracking global rally

Mumbai:Equity benchmark indices Sensex and Nifty rebounded sharply on Friday after sliding for the past four sessions, propelled by bargain hunting in select blue-chip stocks amid a firm trend overseas. Renewed optimism around further monetary policy easing by the US Federal Reserve, fresh foreign fund inflows and an appreciating rupee also supported the domestic market, traders said.

The 30-share BSE Sensex jumped 447.55 points, or 0.53 per cent, to settle at 84,929.36. During the day, it surged 585.69 points, or 0.69 per cent, to 85,067.50. A total of 2,731 stocks advanced, while 1,444 declined and 156 remained unchanged on the BSE. The 50-share NSE Nifty climbed 150.85 points, or 0.58 per cent, to 25,966.40. On the weekly front, the BSE benchmark declined by 338.3 points or 0.39 per cent, and the Nifty dipped by 80.55 points or 0.30 per cent.

"Markets rebounded after the recent decline and gained over 0.5 per cent, tracking favourable global cues. The rebound was supported by positive global cues, a recovery in the rupee and a pause in foreign outflows, which helped ease selling pressure and lifted sentiment across sectors," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.

From the 30-Sensex firms, Bharat Electronics, Power Grid, Tata Motors Passenger Vehicles, Asian Paints, Reliance Industries, HDFC Bank and Bajaj Finserv were among the biggest gainers. In contrast, HCL Tech, Kotak Mahindra Bank, ICICI Bank, and Sun Pharma were the laggards.