Sensex, Nifty rebound as as crude oil prices ease; Sensex gains 315 points

Representational Image. File pic.

The domestic equity benchmark indices rebounded on Friday as crude oil prices eased amid talks on possible reopening of Strait Of Hormuz. Value buying in stocks also helped the broader indices.

What happened to the benchmark indices?

The 30-share BSE Sensex jumped 315.20 points, or 0.43 per cent, to settle at 73,895.74. The 50-share NSE Nifty edged up 77.40 points, or 0.34 per cent, to end at 23,140.50.

"Friday's recovery was selective rather than broad-based following Thursday's sharp sell-off, supported by value buying, easing Brent crude and positive Asian cues," Siddhartha Khemka Head of Research, Wealth Management, Motilal Oswal Financial Services said.

Gainers and laggards

Among the Sensex firms 19 ended higher. Axis Bank, Mahindra & Mahindra, Asian Paints, Bajaj Finance, HCL Tech and Titan were the major gainers. Shares of Axis Bank rose 2.82 per cent. Trent, Infosys, Kotak Mahindra Bank, ICICI Bank and Tata Steel were among the laggards. Only shares of the Trent slipped over 1 per cent, with the stock declining 1.41 per cent.

"On the sectoral front, auto, financial services, FMCG, metal and banking were the key gainers, while IT, pharma and media remained the major laggards. The broader market remained mixed, with the Nifty Midcap 100 declining 0.14 per cent, while the Nifty Smallcap 100 gained 0.15 per cent," Pabitro Mukherjee, Deputy Vice President Research, Bajaj Broking said.

On Thursday, Sensex tumbled 1,247.71 points, or 1.67 per cent, to settle at 73,580.54, while the Nifty tanked 383.70 points, or 1.64 per cent, to end at 23,063.10.

Global cues for the Indian equities

"Markets are likely to remain sensitive to crude prices, global bond yields and developments in West Asia, where Saudi-Houthi attacks and the unresolved status of the Strait of Hormuz could keep energy prices volatile. Any progress on the phased reopening under discussion would be the key relief trigger," Khemka said.

Brent crude, the global oil benchmark, declined 1.10 per cent to USD 105.4 per barrel, according to news agency PTI. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,027.36 crore on Thursday.

In Asian markets, Nikkei 225 index ended in positive territory, while Hong Kong's Hang Seng index settled lower. Stock market in South Korea were closed due to a holiday.

(With inputs from PTI)