Sensex and Nifty recover after two-day slump

Equity benchmarks bounced back in early trade on Wednesday, following two sessions of steep losses, as investors picked up stocks at lower levels.

The BSE Sensex rose 259 points, or 0.31 per cent, to 84,925.59 shortly after opening, while the NSE Nifty advanced 64.65 points, or 0.25 per cent, to 25,904.30.

Adani Ports, Bajaj Finserv, Kotak Mahindra Bank, Mahindra & Mahindra, Tata Steel, Trent, ITC, Tata Motors Passenger Vehicles, HCL Technologies, Reliance Industries, Tech Mahindra and UltraTech Cement were among the early gainers on the Sensex.

In contrast, Eternal, Sun Pharmaceuticals, Titan, Bharti Airtel and Infosys traded lower.

Across Asia, Shanghai’s SSE Composite, Hong Kong’s Hang Seng and Japan’s Nikkei 225 were in negative territory, while South Korea’s KOSPI saw gains. US markets closed mostly lower overnight.

Foreign Institutional Investors were net sellers to the tune of Rs 3,760.08 crore on Tuesday, whereas Domestic Institutional Investors purchased shares worth Rs 6,224.89 crore.

Global oil prices edged higher, with Brent crude up 0.15 per cent at USD 62.03 per barrel.

On Tuesday, the Sensex had slipped 436 points to finish at 84,666.28, its lowest in nearly two weeks, while the Nifty fell 120.90 points to end at 25,839.65.

With PTI inputs