Sensex, Nifty rebound in early trade on blue-chip buying, Asian rally

Mumbai: Benchmark indices Sensex and Nifty rebounded in early trade on Monday driven by strong buying in blue-chips and tracking positive cues from the Asian markets following a sharp selloff in the previous trading session.

The 30-share BSE Sensex climbed 206.16 points to 74,981.90 in early deals. The 50-share NSE Nifty went up by 42.65 points to 23,604.80.

From the 30-Sensex firms, Asian Paints, InterGlobe Aviation, Infosys, Tech Mahindra, Tata Consultancy Services and HCL Tech were among the major gainers.

Sun Pharma, Mahindra & Mahindra, NTPC and Hindustan Unilever were among the laggards.

In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng index were trading higher, while Shanghai's SSE Composite index quoted lower.

US markets ended in the positive territory on Friday.

Brent crude, the global oil benchmark, traded 2.23 per cent higher at USD 93.15 per barrel.

Investors will continue to monitor crude oil prices, which have moved higher amid uncertainty surrounding the US-Iran ceasefire negotiations, Rajesh Palviya, Head of Research, Axis Direct, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 21,105.86 crore on Friday, according to exchange data.

On Friday, the Sensex tumbled 1,092.06 points, or 1.44 per cent, to settle at 74,775.74. The Nifty dived 359.40 points, or 1.50 per cent, to end at 23,547.75.