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Indian equity markets rebounded on Thursday, snapping a 3-day losing streak, as investors indulged in bargain buying. The S&P BSE Sensex added 262 points, or 0.36 per cent, to 73,206 levels, while the Nifty50 neared 22,250 mark at 22,242 level.
Power Grid, IndusInd Bank, Sun Pharma, Wipro, M&M, Tata Motors, Reliance Industries, ICICI Bank, and L&T were leading the benchmarks to positive zone.
In the broader markets, the BSE MidCap and Smallcap indices were outperforming the frontline indices as they climbed 0.8 per cent each.
Among sectors, the broad-based rally was led by the Nifty Metal, Media, and PSU Bank indices which gained over 1 per cent each.
Global Cues
Dr. V K Vijayakumar, Geojit Financial, said: “The Iran-Israel tension in West Asia continues to weigh on stock markets globally. Until this uncertainty is out of the way, markets are unlikely to take a strong directional up move. Meanwhile the market is coming to terms with ‘higher-for-longer interest rate’ in the US since inflation continues to be sticky at lower levels. It seems that the market is reconciled to 2 rate cuts this year, that too backloaded. Since the US 10-year bond yield is hovering around 4.57%, more FII selling is likely, putting pressure on large-caps. This will provide opportunities to investors to slowly accumulate high quality largecaps where the margin of safety is high.”