Stock markets stage strong rebound after four days of slump; Sensex rallies 599 pts

Stock markets rebounded from early lows to close higher on Friday, snapping the four-day losing streak on heavy value buying in banking and auto shares.

• Also read:Sensex, Nifty open lower; IT stocks drag

The 30-share BSE Sensex climbed 599.34 points or 0.83 per cent to settle at 73,088.33. The index opened lower and tanked further 672.53 points or 0.92 per cent to hit a low of 71,816.46 in early trade. However, the index rebounded in the second half on value-buying in banking shares.

The NSE Nifty jumped 151.15 points or 0.69 per cent to close at 22,147. The broader index dropped to a low of 21,777.65 in early trade before paring its losses to end in the green.

From the Sensex basket, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, JSW Steel, Maruti, Wipro, Bharti Airtel, Bajaj Finserv, ICICI Bank and ITC were the major gainers.

Nestle India, HCL Technologies, Larsen & Toubro, Tata Consultancy Services, Tata Motors and Infosys were among the laggards.

Infosys declined nearly 1 per cent after the company’s revenue growth guidance for FY25 failed to meet market expectations.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the negative territory.

European markets were trading in the red. Wall Street ended mostly lower on Thursday.

Global oil benchmark Brent crude climbed 0.55 per cent to $87.62 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth ₹4,260.33 crore on Thursday, according to exchange data.

“Despite global weakness, Indian markets staged a strong recovery driven by large-cap stocks, buoyed by the expectation of limited prospects of escalation following Israel’s action against Iran. However, fragility persists with elevated oil prices, posing inflation risks,” said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, the 2024 Lok Sabha polls kicked off on Friday with the beginning of polling for the first phase.

• Also read:Markets face heavy fluctuations; settle lower taking downtrend to fourth day

The BSE benchmark tanked 454.69 points or 0.62 per cent to settle at 72,488.99 on Thursday. The NSE Nifty declined 152.05 points or 0.69 per cent to 21,995.85.