Stock markets bounce back after falling in early trade

New Delhi: Equity benchmark indices Sensex and Nifty bounced back after falling in early trade on Tuesday, tracking a bullish trend in global markets.

The 30-share BSE Sensex dropped 144.34 points to 75,358.51 in early trade. The 50-share NSE Nifty dipped 49.95 points to 23,358.85.

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However, soon after both the benchmark indices rebounded. The BSE benchmark quoted 192.14 points higher at 75,696.83, and the Nifty traded 64.25 points up at 23,473.05.

From the 30-Sensex firms, Eternal, Mahindra & Mahindra, Maruti, Tata Steel, InterGlobe Aviation and Bharti Airtel were among the major gainers.

Infosys, HCL Tech, Tata Consultancy Services, Tech Mahindra and State Bank of India were among the biggest laggards.

Brent crude, the global oil benchmark, jumped 2.61 percent to USD 102.8 per barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,365.52 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs) however, bought stocks worth Rs 12,593.36 crore.

In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index and Hong Kong's Hang Seng index were trading in positive territory, while Shanghai's SSE Composite index quoted lower.

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The US market ended higher on Monday.

"With total uncertainty and confusion regarding the trend of the war continuing, this uncertainty is getting reflected in the market, too. Nifty’s sharp bounce of 257 points yesterday was triggered mainly by short-covering from oversold territory. This bounce back is unlikely to sustain, given the massive selling by FIIs which touched Rs 9,366 crore yesterday," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

On Monday, the Sensex jumped 938.93 points or 1.26 percent to settle at 75,502.85. The Nifty climbed 257.70 points or 1.11 percent to end at 23,408.80.

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