Markets rebound on value buying in heavyweights

Mumbai: Benchmark Sensex rebounded 496 points while Nifty closed above the 21,600 level on Friday as value buying in heavyweight stocks and a firm trend in global markets helped indices cut short three days of losses. The 30-share BSE Sensex jumped 496.37 points or 0.70 per cent to settle at 71,683.23. During the day, it zoomed 708.78 points or 0.99 per cent to 71,895.64. The Nifty climbed 160.15 points or 0.75 per cent to close at 21,622.40 with 43 of its shares closing in the green and seven in the red. In the past three days, the BSE benchmark fell by 2.91 per cent, and the Nifty declined 2.87 per cent.

“A ‘buy on dips’ and encouraging global cues propelled the market’s recovery,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Friday’s rebound was broad based; however, investors are disappointed and expect moderation in the rally. FIIs persist with risk-off sparked by the likelihood that interest rates may not moderate and domestic earnings growth can slow down as per the initial Q3 results announced,” Nair said.

Among the Sensex firms, Bharti Airtel rose the most by 3.52 per cent. NTPC rose by 3.04 per cent and Tech Mahindra by 2.56 per cent. Mahindra & Mahindra, Tata Steel, UltraTech Cement, Titan, Axis Bank, JSW Steel ICICI Bank and Larsen & Toubro were the major gainers. IndusInd Bank, Kotak Mahindra Bank and State Bank of India were the laggards. HDFC Bank extended its losses for the fourth straight day, falling by 1.08 per cent.