Sensex, Nifty rebound over 1% amid rally in global markets

The 30-share BSE Sensex rallied 709.96 points or 1.16% to settle at 61,764.25. File
| Photo Credit: Reuters

Equity benchmark BSE Sensex rebounded more than 1% while Nifty reclaimed the 18,200 level on May 8, boosted by heavy buying in banking, financial and auto stocks amid a rally in global stock markets.

Besides, continuous foreign fund inflows further bolstered sentiment, traders said.

The 30-share BSE Sensex rallied 709.96 points or 1.16% to settle at 61,764.25. During the day, it jumped 799.9 points or 1.31% to 61,854.19.

On similar lines, the broader NSE Nifty climbed 195.40 points or 1.08% to end at 18,264.40.

Among the Sensex firms, IndusInd Bank jumped 5.08%. The other winners were Tata Motors, Bajaj Finance, Bajaj Finserv, NTPC, HCL Technologies, Mahindra & Mahindra, Axis Bank, Maruti and Kotak Mahindra Bank.

Value buying in index heavyweights Reliance, HDFC Bank and ICICI Bank added to the momentum.

Sun Pharma, Larsen & Toubro and Nestle were the laggards.

In Asian markets, Seoul, Shanghai and Hong Kong ended with gains, while Tokyo settled lower.

Markets in Europe were trading in the green. The U.S. markets ended with significant gains on Friday.

Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought equities worth Rs 777.68 crore, according to exchange data.

Meanwhile, global oil benchmark Brent crude climbed 1.79% to $76.65 per barrel.

The rupee pared initial gains to settle lower by 2 paise at 81.80 (provisional) against the U.S. dollar on Monday.

The BSE benchmark had tanked 694.96 points or 1.13% to settle at 61,054.29 on Friday. The Nifty fell 186.80 points or 1.02% to end at 18,069.