Sensex, Nifty Rebound After Two-Day Fall As IT Stocks Rally; Global Cues Lift Sentiment

Mumbai, Aug 28 (PTI) Benchmark equity indices Sensex and Nifty rebounded in early trade on Friday after two days of losses, helped by buying in blue-chip IT stocks and a rally in global markets. The 30-share BSE Sensex climbed 245.56 points to 77,191.80 in early trade.

The 50-share NSE Nifty was up 54.20 points to 24,147.50. Among the 30 Sensex firms, Tata Consultancy Services, Tech Mahindra, Infosys, HCL Tech, Titan, and Power Grid were among the major winners. UltraTech Cement, ICICI Bank, Mahindra & Mahindra, and State Bank of India were the laggards.

Brent crude, the global oil benchmark, traded 0.56 per cent lower at USD 89.20 per barrel. In Asian markets, South Korea's Kospi traded lower, while Japan's Nikkei 225 index, Shanghai's SSE Composite index Hong Kong's Hang Seng index quoted higher.

"Global cues are more supportive than they have been at any point this week. US markets closed firmly higher, with the Dow Jones Industrial Average gaining 0.20 per cent, the S&P 500 rising 0.72 per cent and the Nasdaq advancing 1.57 per cent," Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 298.26 crore on Thursday, according to exchange data. "Sentiment in technology and semiconductor stocks, however, was clearly lifted by Nvidia's blowout quarterly results, which triggered a broad rally across AI-linked names in the US, helping the Nasdaq end about 1.5 per cent higher," Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.

Attention now turns to Fed Chair Kevin Warsh's first Jackson Hole keynote, the week's most closely watched macro event, he added. Falling for the second day on Thursday, the Sensex dropped 539.35 points, or 0.70 per cent, to settle at the day's low of 76,933.59 on the monthly derivatives-expiry day.

Similarly, the Nifty declined 116.90 points, or 0.48 per cent, to end at the day's low of 24,090.85. (Disclaimer: This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.) The Sensex climbed 245.56 points to 77,191.80, and the Nifty rose 54.20 points to 24,147.50.

This rebound followed two days of losses. The indices rebounded due to buying in blue-chip IT stocks and a rally in global markets. Positive cues from US markets ending higher on Thursday also helped. Tata Consultancy Services, Tech Mahindra, Infosys, HCL Tech, Titan, and Power Grid were among the major winners.