Markets rebound in early trade on foreign fund inflows, sensex jumps 264 pts

Mumbai: Benchmark equity indices rebounded in early trade on Thursday amid steady foreign fund inflows along with buying in frontline stocks Reliance Industries and HDFC Bank.

The 30-share BSE Sensex rebounded 264.85 points to 82,617.49 in early trade. The NSE Nifty climbed 76.75 points to 25,275.45.

Among the 30 Sensex firms, UltraTech Cement, Tata Steel, ITC, Titan, ICICI Bank, JSW Steel, Reliance Industries and HDFC Bank were the biggest gainers.

Nestle, Bharti Airtel, Bajaj Finserv, Bajaj Finance and Mahindra & Mahindra were among the laggards.

In Asian markets, Seoul and Shanghai were trading higher while Tokyo and Hong Kong quoted lower.

The US markets ended on a mixed note on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 975.46 crore on Wednesday, according to exchange data.

"FIIs turning net buyers of domestic equities in past few sessions has been lending a major support," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

India's services sector activity growth touched a five-month high in August on stronger rise in new work orders, while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook, a monthly survey said on Wednesday.

The BSE benchmark dropped 202.80 points or 0.25 per cent to settle at 82,352.64 on Wednesday.

Snapping its 14-day rally, the Nifty declined 81.15 points or 0.32 per cent to 25,198.70. The Nifty had surged nearly 1,141 points or 4.59 per cent in 14 straight days.

Meanwhile, global oil benchmark Brent crude traded 0.19 per cent higher at USD 72.84 a barrel.