Equity markets bounce back in early trade after two days of fall on firm global trends

New Delhi: Benchmark equity indices rebounded in early trade on Thursday after two days of decline amid recovery in global markets.

The 30-share BSE Sensex climbed 383.31 points to 65,609.35 in early trade. The Nifty advanced 108.95 points to 19,545.05.

Among the Sensex firms, Titan, ICICI Bank, Larsen & Toubro, Infosys, Tata Consultancy Services, ITC and Tata Motors were the biggest gainers.

Power Grid and Nestle were the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.

The US markets ended in the positive territory on Wednesday.

Global oil benchmark Brent crude climbed 0.71 percent to USD 86.42 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,424.02 crore on Wednesday, according to exchange data.

"The triple whammy of spiking dollar, US bond yields and crude is slowly easing, paving the way for a recovery in markets. The decline in the dollar and US bond yields are mild and, therefore, not adequate for a reversal of FII selling, which continues to be very high. But the sharp correction in Brent crude to USD 86 is a big positive," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE benchmark went lower by 286.06 points or 0.44 percent to settle at 65,226.04 on Wednesday. The Nifty declined 92.65 points or 0.47 percent to end at 19,436.10.

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