Sensex, Nifty bounce back: Blue-chip stocks drive market rebound after three-day losing streak

Mumbai: Equity benchmarks Sensex and Nifty bounced back in early trade on Monday after falling for three consecutive sessions, buoyed by positive trends in Asian markets and buying interest in blue-chip stocks.

The BSE Sensex gained 267.74 points (0.32%) to reach 83,484.02, while the NSE Nifty rose 84.90 points (0.33%) to 25,577.20 in early trading.

Among Sensex constituents, stocks like Asian Paints, Bharat Electronics, Larsen & Toubro, Titan, Reliance Industries, Tata Motors, Infosys, Bajaj Finserv, Axis Bank, Bajaj Finance, ITC, and Bharti Airtel were firm gainers. On the other hand, Trent Ltd, Power Grid, Mahindra & Mahindra, NTPC, SBI, Adani Ports, and UltraTech Cement lagged.

Asian markets also showed strength with South Korea's Kospi jumping 3%, Japan's Nikkei 225 up nearly 1%, and Hong Kong's Hang Seng rising 0.47%, while Shanghai's Composite index traded slightly lower.

US markets closed mostly higher on Friday. Foreign Institutional Investors (FIIs) purchased equities worth Rs 4,581.34 crore on Friday, and Domestic Institutional Investors (DIIs) outpaced them by buying shares worth Rs 6,674.77 crore.

Brent crude, the global oil benchmark, increased by 0.64% to USD 64.04 per barrel.

On Friday, Sensex had declined 94.73 points to 83,216.28, and Nifty had fallen 17.40 points to 25,492.30.

With inputs from PTI