Equity benchmark indices rebounded in early trade on October 27 after dealing with large drubbing of late amid restoration in Asian markets.
| Photo Credit: Paul Noronha
Equity benchmark indices rebounded in early trade on October 27 after dealing with large drubbing of late amid restoration in Asian markets.
The 30-share BSE Sensex jumped 411.17 factors to 63,559.32 in early trade. The Nifty climbed 115.9 factors to 18,973.15.
Among the Sensex companies, NTPC, Mahindra & Mahindra, State Bank of India, Infosys and Maruti had been the key gainers.
Asian Paints emerged as the one laggard from the pack.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong had been buying and selling in the constructive territory.
The U.S. markets ended decrease on October 26.
The European Central Bank left rates of interest unchanged on October 26 for the primary time in over a yr.
“After six continuous days of losses triggered by the elevated bond yields in the U.S. and tensions in West Asia, the market appears to be oversold,” V.Ok. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated.
He added that the US economic system’s resilience is shocking.
“The Q3 GDP growth at 4.9% means the Fed will continue to be hawkish and the likely ‘higher for longer’ interest rate regime is negative from the stock market perspective,” Mr. Vijayakumar added.
On the constructive aspect, valuations in India, which had been excessive, have now turned truthful, and in sectors like banking valuations are engaging, he stated.
Global oil benchmark Brent crude jumped 1.25% to $89.03 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities value ₹7,702.53 crore on October 26, in line with trade information.
The BSE benchmark slumped 900.91 factors or 1.41% to settle beneath the 64,000 mark at 63,148.15 on October 26. The Nifty dived 264.90 factors or 1.39% to 18,857.25.
