Sensex jumps 1,098 points; Nifty surges to 24,387-level amid rally in global peers

New Delhi: Equity benchmark indices Sensex and Nifty bounced back sharply in early trade on Friday tracking a significant rally in the US and Asian markets along with buying in blue-chips Tata Consultancy Services and Reliance Industries.

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Rebounding from Thursday's decline, the 30-share BSE Sensex jumped 1,098.02 points to 79,984.24 in early trade. The NSE Nifty surged 270.35 points to 24,387.35.

All the 30 Sensex firms were trading in the positive territory. Tata Motors, Tech Mahindra, Mahindra & Mahindra, HCL Technologies, Power Grid, NTPC, Tata Consultancy Services and Reliance Industries were the biggest gainers.

In Asian markets, Tokyo, Seoul, Shanghai and Hong Kong were trading sharply higher.

"The sharp rebound in the US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower-than-expected indicating that the labour market is not loosening as many sceptics feared," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,626.73 crore on Thursday, according to exchange data.

The BSE benchmark declined 581.79 points or 0.73 percent to settle at 78,886.22 in a volatile trade on Thursday. During the day, it tumbled 669.07 points or 0.84 percent to 78,798.94.

After a day's breather, the NSE Nifty retreated to settle lower by 180.50 points or 0.74 percent to 24,117. During the day, it tanked 217.8 points or 0.89 percent to 24,079.70.

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