Stock markets rebound in early trade after seven days of fall

New Delhi: Benchmark indices Sensex and Nifty bounced back in early trade on Tuesday, after falling sharply in the past seven trading days, helped by buying in bank stocks.

The 30-share BSE Sensex climbed 312.88 points to 80,677.82 in early trade. The 50-share NSE Nifty went up by 96.9 points to 24,731.80.

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From the Sensex firms, Power Grid, Asian Paints, Bajaj Finance, Bharat Electronics, Titan, HDFC Bank, HCL Tech, UltraTech Cement, State Bank of India and ICICI Bank were among the major gainers.

However, Reliance Industries, ITC, Larsen & Toubro and Trent were among the laggards.

In the past seven trading days, the BSE benchmark has tanked 2,649.02 points or 3.19 percent, and the Nifty dived 788.7 points or 3.10 percent.

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

US markets ended higher on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,831.59 crore on Monday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 3,845.87 crore, according to exchange data.

The Reserve Bank's Monetary Policy Committee began its three-day deliberations on Monday. The decision of the RBI rate-setting panel will be announced on Wednesday.

Global oil benchmark Brent crude dropped 0.79 percent to USD 67.43 a barrel.

On Monday, the Sensex declined 61.52 points or 0.08 percent to settle at 80,364.94. The Nifty slipped 19.80 points or 0.08 percent to 24,634.90.

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