Sensex rebounds 367 pts on firm global trends, snaps 2-day falling streak

Mumbai, Benchmark equity indices Sensex and Nifty closed over half a per cent higher on Monday, snapping their two-day falling streak on buying in index majors Reliance Industries and Tata Consultancy Services and firm global trends. The 30-share BSE Sensex jumped 367.47 points or 0.56 per cent to settle at 66,527.67. The index opened lower but later rebounded from early lows and hit a high of 66,598.42 as power, oil, IT and FMCG shares advanced.

The NSE Nifty climbed 107.75 points or 0.55 per cent to end at 19,753.80.

From the Sensex pack, NTPC jumped nearly 4 per cent after the company posted over 23 per cent rise in consolidated net profit in the April-June quarter of 2023-24.

Power Grid, Tech Mahindra, Tata Steel, Tata Consultancy Services, Wipro, Maruti and JSW Steel were among the other major gainers.

Bajaj Finance, Kotak Mahindra Bank, Hindustan Unilever, ITC, Bharti Airtel and Asian Paints were among the laggards.

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

European markets were trading on a mixed note. The US markets had ended in the positive territory on Friday.

"Indian indices have resumed their rally, following the global market trend, as cooling inflation across the globe gave hopes of an end to the policy tightening era. The latest positive development was the Eurozone's inflation slowing for the third consecutive month in July, coming in at 5.3 per cent, in line with market predictions," said Vinod Nair, Head of Research at Geojit Financial Services.

Moreover, the euro zone economy grew by 0.3 per cent during the June quarter, according to preliminary estimates, slightly surpassing market expectations, Nair added.

Meanwhile, global oil benchmark Brent crude climbed 0.25 per cent to USD 85.20 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth Rs 1,023.91 crore on Friday, according to exchange data.

The BSE benchmark fell by 106.62 points or 0.16 per cent to settle at 66,160.20 on Friday. The Nifty had declined 13.85 points or 0.07 per cent to finish at 19,646.05.