Markets rebound in early trade after two days of decline

MUMBAI: Benchmark indices Sensex and Nifty rebounded in early trade on Wednesday after two days of decline amid a positive trend in global markets and buying in auto stocks.

The 30-share BSE Sensex climbed 182.42 points to 76,661.36 in early deals. The 50-share NSE Nifty went up by 49.90 points to 23,916.85.

From the Sensex pack, Eternal, Mahindra & Mahindra, Maruti Suzuki India, Titan, Hindustan Unilever, UltraTech Cement, Adani Ports and Asian Paints were among the major winners.

Bajaj Finserv, Tech Mahindra, Larsen & Toubro and NTPC were among the laggards.

In Asian markets, Japan's Nikkei 225 index and Shanghai's SSE Composite index quoted higher, while South Korea's Kospi traded lower. Markets were closed in Hong Kong.

US markets ended in positive territory on Tuesday.

"Global cues remain constructive. Wall Street concluded its strongest quarter since 2020 on a firm footing, with the Dow Jones closing at a record 52,319, while a rally in semiconductor stocks lifted the Nasdaq by 1.5 per cent and the S&P 500 by 0.8 per cent," Rajesh Palviya, Head of Research, Axis Direct, said.

Asian markets are trading with a positive bias, led by Japan's Nikkei, which climbed over 1.6 per cent to fresh record highs on AI-driven technology optimism, he added.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,556.75 crore on Tuesday, according to exchange data.

Brent crude, the global oil benchmark, traded 0.40 per cent higher at USD 73.24 per barrel.

On Tuesday, the Sensex declined 249.70 points, or 0.33 per cent, to settle at 76,478.67. The Nifty dropped 80.50 points, or 0.34 per cent, to end at 23,865.75.