Markets rebound in early trade on rally in global peers, foreign fund inflows

Among the 30 Sensex firms, Tata Steel, Adani Ports, Bharti Airtel, Tech Mahindra, Kotak Mahindra Bank and State Bank of India were the biggest gainers

Equity benchmark indices rebounded in early trade on Thursday (September 12, 2024) tracking a rally in global markets and foreign fund inflows.

The 30-share BSE Sensex jumped 428.83 points to 81,951.99 in early trade. The NSE Nifty climbed 154.1 points to 25,072.55.

Among the 30 Sensex firms, Tata Steel, Adani Ports, Bharti Airtel, Tech Mahindra, Kotak Mahindra Bank and State Bank of India were the biggest gainers.

Tata Motors, Asian Paints, Nestle and Bajaj Finserv were among the laggards.

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

The U.S. markets ended with sharp gains on Wednesday.

"Latest U.S. inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2% has brought down the 12-month inflation to 2.5% from 2.9% earlier. This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2% the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,755 crore on Wednesday, according to exchange data.

FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar added.

Global oil benchmark Brent crude climbed 0.55% to $71 a barrel.

The BSE benchmark dropped 398.13 points or 0.49% to settle at 81,523.16 on Wednesday. The NSE Nifty declined 122.65 points or 0.49% to 24,918.45.

Published - September 12, 2024 10:49 am IST