Markets rebound: Sensex surges 422 points, Nifty gains 160 points

Mumbai: Benchmark equity indices Sensex and Nifty rebounded in early trade on Tuesday, recovering from the sharp decline in the previous session. The recovery was driven by strong buying interest in blue-chip stocks such as Reliance Industries, ICICI Bank, and Titan.

The 30-share BSE Sensex jumped 422.62 points to 78,387.61, while the NSE Nifty climbed 160.2 points to 23,776.25 in early trade.

Among the top gainers from the blue-chip pack were Titan, Adani Ports, IndusInd Bank, ICICI Bank, Reliance Industries, Asian Paints, Power Grid, and Tata Motors. Zomato was the only laggard in the group.

In the broader Asian markets, Seoul and Tokyo traded in the green, while Shanghai and Hong Kong saw declines. US markets had ended mostly higher on Monday, providing some support to domestic sentiment.

Despite the recovery, Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth ₹2,575.06 crore on Monday, according to exchange data.

Meanwhile, Brent crude, the global oil benchmark, dipped 0.14% to USD 76.19 per barrel, which could ease inflationary concerns for the domestic economy.

This rebound in the markets offers a much-needed breather for investors, with analysts closely watching global cues and FIIs' movements for future trends.

PTI