Sensex rebounds over 400 pts tracking Asian peers; Nifty above 13,900
Indian equities made a smart recovery on Friday morning after five sessions of hefty losses, with the BSE benchmark Sensex rebounding over 400 points led by gains mainly in banking, energy and auto stocks.
The 30-share Sensex was trading higher by 403.16 points or 0.86 per cent at 47,277.52 in opening deals. Similarly, the broader NSE Nifty was up 118.65 points or 0.86 per cent at 13,936.20.
On the Sensex chart, IndusInd Bank, Mahindra and Mahindra, L&T, ONGC, Bajaj Finance, HDFC Bank and Bajaj Auto were prominent gainers.
On the other hand, Axis Bank, HUL, Tech Mahindra, UltraTech Cement, Maruti and TCS were the top losers. Over the previous five sessions, the Sensex had lost 2,917.76 points, while the Nifty had shed 827.15 points.
Analysts are of the view that a continued pullback in domestic markets was mainly led by profit booking ahead of the Union Budget and important global events.
The government will table the Economic Survey 2020-21 in Parliament on Friday and present the Union Budget 2021-22 on Monday, February 1. Foreign portfolio investors (FPIs) offloaded shares worth a net Rs 3,712.51 crore on Thursday, according to exchange data.
Elsewhere in Asia on Friday, stocks markets were trading higher but heading towards settling with worst weekly losses in months. Meanwhile, the global oil benchmark, Brent crude futures, rose 0.18 per cent to USD 55.20 per barrel.
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