Image Source : FREEPIK Markets rebound amid softening crude prices, FIIs repositioning Benchmark stock indices Sensex and Nifty jumped over 1 per cent on Wednesday amid foreign funds turning net buyers of domestic equities after a long gap, buying in FMCG, financials and auto stocks and softening crude oil prices. The 30-share BSE benchmark index climbed 616.62 points or 1.16 per cent to settle at 53,750.97. During the day, it rallied 684.96 points or 1.28 per cent to 53,819.31. The NSE Nifty advanced 178.95 points or 1.13 per cent to 15,989.80. Among Sensex scrips, Bajaj Finserv, Bajaj Finance, Hindustan Unilever, Asian Paints, Titan, Maruti Suzuki India, Kotak Mahindra Bank and Nestle were the major gainers. Power Grid, NTPC, Reliance Industries, Larsen & Toubro and Tata Steel were the laggards. Vinod Nair, head of research at Geojit Financial Services, said that softening crude oil prices, FIIs repositioning to net buyers and strong business data from lenders tempered optimism in domestic equities. Crude prices fell sharply by 10 per cent on Tuesday which boosted the appetite for consumption, chemicals, logistics and OMCs as it will reduce the cost burden of these sectors, Nair said. “According to preliminary data made public on the NSE, FIIs became net purchasers on July 5 for the first time since May 30, purchasing shares worth Rs 1,295.84 crore,” Mohit Nigam, Head – PMS at Hem Securities, said. Kunal Shah, senior technical & derivative analyst, LKP Securities, said, “The Nifty bulls came back strong from the lower levels and ended the index on a high note. The index surpassed the level of 16,000 and closed above it which indicates a continuation on the upside towards 16200 levels. The lower-end support stands at the 15,800 level and as long as this support is held the index remains in a buy mode.” The BSE barometer had declined 100.42 points or 0.19 per cent to settle at 53,134.35 on Tuesday. The Nifty dipped 24.50 points or 0.15 per cent to 15,810.85. Elsewhere in Asia, markets in Tokyo, Shanghai, Hong Kong and Seoul ended lower on Wednesday. European markets were trading higher in mid-session deals. The US markets ended mostly higher on Tuesday. Meanwhile, international oil benchmark Brent crude jumped 2.43 per cent to USD 105.3 per barrel. With PTI Inputs Latest Business News
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