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Stock markets rebound on gains in index heavyweights, firm global trends

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| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty rebounded on February 27 following buying in index major Tata Consultancy Services, Tata Motors and Sun Pharma amid mostly firm global markets.

The 30-share BSE Sensex climbed 305.09 points or 0.42% to settle at 73,095.22. The index was hit by volatility in the first half of the session but gains in index heavyweights helped the barometer end two sessions of losses. During the day, the Sensex jumped 371.17 points or 0.50% to a high of 73,161.30.

Snapping its two-day falling streak, the broader Nifty ended 76.30 points or 0.34% up at 22,198.35.

Among the Sensex firms, Tata Motors, Tata Consultancy Services, IndusInd Bank, Power Grid, Bharti Airtel, Sun Pharma, JSW Steel and Tata Steel were the major gainers.

On the other hand, Bajaj Finance, State Bank of India, Bajaj Finserv, Axis Bank and NTPC were among the laggards.

“Markets rebounded from 2-session losses as selective buying in frontline stocks aided recovery from early weakness. There is no major trigger and investors are taking cues from global markets. As we approach F&O expiry day on February 29, volatility will begin to kick in as traders will roll over their positions to the next expiry day,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

“The hopes for a ceasefire in the Israel-Hamas war and the drop in crude oil prices supported the sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE smallcap gauge declined 0.25% and the midcap index dipped 0.10%.

Among the indices, realty jumped 1.02%, consumer durables climbed 1.01%, teck (0.85%), capital goods (0.79%), IT (0.76%) and consumer discretionary (0.45%).

Commodities, financial services, telecommunication, utilities and oil & gas were the laggards.

In Asian markets, Tokyo, Shanghai and Hong Kong settled in the green while Seoul ended lower.

European markets were traded largely in the green. The US markets ended marginally lower on Monday.

The BSE benchmark fell by 352.67 points or 0.48% to settle at 72,790.13 on February 26. The Nifty declined 90.65 points or 0.41% to 22,122.05.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹285.15 crore on February 26, according to exchange data.

Global oil benchmark Brent crude climbed 0.16% to $82.66 a barrel.

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