Markets rebound after 3-day slide on easing geopolitical tensions; Sensex gains 400 points

In a volatile session, the 30-share BSE Sensex climbed 397.74 points, or 0.49%, to close at 82,307.37. During the day, the benchmark surged by 873.55 points, or 1.06 per cent, to hit an intraday high of 82,783.18.

Mumbai: Benchmark equity indices Sensex and Nifty rebounded on Thursday after three sessions of losses, tracking gains in global markets after US President Donald Trump struck a conciliatory tone on Greenland.

In a volatile session, the 30-share BSE Sensex climbed 397.74 points, or 0.49 per cent, to close at 82,307.37. During the day, the benchmark surged by 873.55 points, or 1.06 per cent, to hit an intraday high of 82,783.18.

The 50-share NSE Nifty rose 132.40 points, or 0.53 per cent, to settle at 25,289.90. In the intraday session, the index appreciated by 278.25 points, or 1.10 per cent, to hit a high of 25,435.75.

Among the 30 Sensex constituents, Bharat Electronics Ltd, Tata Steel, Adani Ports, State Bank of India, Bajaj Finserv, Asian Paints, Power Grid, Sun Pharmaceuticals, Kotak Mahindra Bank, IndiGo, Hindustan Unilever, HCL Technologies and NTPC were the gainers.

On the other hand, Eternal, Titan, ICICI Bank, Maruti Suzuki India, and HDFC Bank were among the laggards.

"Indian equity markets ended Thursday with moderate gains after paring early advances, supported by positive global cues and easing geopolitical concerns.

"Sentiment improved following US President Donald Trump’s withdrawal of tariff threats against the EU and his optimistic remarks on a potential India-US trade deal, which encouraged short-covering and risk-taking," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

Vinod Nair, Head of Research, Geojit Investments Ltd, said the initial set of corporate earnings did little to support current valuation levels. Nevertheless, investors have not ruled out the potential upside from a robust domestic demand environment, which could become more visible in the upcoming round of quarterly earnings announcements.

In Asian markets, Japan's Nikkei 225 index, Shanghai's SSE Composite index, South Korea's Kospi index and Hong Kong's Hang Seng index closed higher.

European markets were trading higher in mid-session deals.

US equities ended higher on Wednesday.

"Looking ahead, markets will closely monitor US GDP growth and core inflation data later today, as well as the BoJ policy decision due tomorrow, for further cues," Nair said.

Foreign institutional investors offloaded equities worth Rs 1,787.66 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,520.47 crore, according to exchange data.

Brent crude, the global oil benchmark, declined 1.10 per cent to $64.52 per barrel.

On Wednesday, the 30-share BSE Sensex declined 270.84 points to close at 81,909.63, while the 50-share NSE Nifty fell 75 points to settle at 25,157.50.