Sensex bounces back by 261 pts on global rebound, Re gains 30p

The Sensex had lost 335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited trade disputes.

Crude prices spiked to nearly $ 76 a barrel, recovering from day-earlier losses in Asia largely supported by a drop in US commercial crude inventories. (Express photo by Ganesh Shirsekar/Files)

Snapping their two-session losing streak, stock markets on Wednesday bounced back on bargain hunting and a rebound in global equities. The BSE Sensex vaulted almost 261 points to close at 35,547.33, while the broader NSE Nifty climbed 61.60 points to 10,772.05. The rupee also staged a good comeback, gaining 30 paise to end at 68.08 against the US currency on heavy bouts of dollar selling by banks and exporters.

The Sensex had lost 335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited trade disputes.

Asian and European stocks bounced back, reversing some of their recent losses following escalating trade tensions between the US and China. Japan’s Nikkei advanced 1.24 per cent, Hong Kong’s Hang Seng rose 0.77 per cent, while Shanghai Composite Index climbed 0.27 per cent. In the Eurozone, key indices such as Paris CAC 40 and Frankfurt’s DAX were up by 0.37 per cent and 0.52 per cent in their early deals. London’s FTSE too jumped 1.27 per cent.

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Domestic institutional investors (DIIs) bought shares worth a net Rs 653.68 crore while foreign portfolio investors (FPIs) sold equities to the tune of Rs 1,324.92 crore Tuesday, as per provisional data.

Reliance Industries topped the gainers list in the Sensex pack, spurting 2.44 per cent to a record closing high of Rs 1,019.95. Other gainers included IndusInd Bank 2.27 per cent, Vedanta 2.10 per cent, Yes Bank 1.66 per cent, Kotak Bank 1.58 per cent, Tata Steel 1.52 per cent, HDFC Bank 1.50 per cent and HDFC Ltd 1.25 per cent.

Crude prices spiked to nearly $ 76 a barrel, recovering from day-earlier losses in Asia largely supported by a drop in US commercial crude inventories and the loss of storage capacity in oil producer Libya. Brent crude futures, an international benchmark, is trading up at $ 75.05 a barrel in early Asian trade.