BSE & NSE fall in early trade, bounce back later

Mumbai: Equity benchmarks fell in initial trade on Thursday, but later bounced back to trade in the positive territory, amid firm global market trends and foreign fund inflows.
The 30-share BSE benchmark Sensex had fallen by 492.46 points to 59,215.62 in early trade. The broader NSE Nifty declined by 170.35 points to 17,445.95 in initial trade.
However, later both the benchmarks were quoting in the green. The Sensex traded 177.91 points higher at 59,885.99, while the Nifty quoted 25.50 points up at 17,605.95.

The Sensex had climbed by 158.18 points or 0.27 percent to settle at 59,708.08 on February 1. In contrast, the Nifty declined by 45.85 points or 0.26 percent to end at 17,616.30. Foreign Institutional Investors (FIIs) turned buyers as they bought shares worth Rs 1,785.21 crore on February 1, according to exchange data.

Position of various stocks listed in BSE

From the Sensex pack, Bajaj Finance, NTPC, Asian Paints, Tata Steel, HDFC, HDFC Bank, Reliance Industries and Power Grid were the major laggards.

ITC, UltraTech Cement, IndusInd Bank, Titan and Maruti were among the winners.

Performance of markets worldwide

In Asia, equity markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. Markets in the US had ended in the positive territory on February 1.

International oil benchmark Brent crude climbed 0.74 percent to USD 83.45 per barrel.

Adani Enterprises on Wednesday said that it has decided not to go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors.

Adani Enterprises tumbled 15 percent in early deals.

"Meanwhile, the situation in the mother market of the US is slowly improving. The expected reduction in rate hike by 25 basis points and the slightly less hawkish commentary are positive for global equity markets," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The excessive volatility triggered by the crash in Adani stocks will die down after some time, Vijayakumar added.

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