Equity benchmark indices Sensex and Nifty rebounded sharply by nearly 1 per cent on Monday, driven by strong buying in power, banking and financial stocks. Snapping its three-day losing streak, the 30-share BSE Sensex surged 650.39 points, or 0.79 per cent, to settle at 83,277.15. The broader 50-share NSE Nifty climbed 211.65 points, or 0.83 per cent, to close at 25,682.75. PowerGrid emerged as the top gainer among Sensex constituents, rallying 4.45 per cent. Other major gainers included HDFC Bank, Axis Bank, NTPC, ITC, Asian Paints, Bajaj Finserv, Bharti Airtel, Adani Ports, Tata Steel, Kotak Mahindra Bank, Reliance Industries and State Bank of India. On the flip side, Tech Mahindra, Maruti Suzuki India, Bajaj Finance, Trent, Mahindra & Mahindra, Titan, Infosys, ICICI Bank and UltraTech Cement ended as laggards. “After a range-bound opening, domestic markets edged higher, supported by renewed buying interest in banking and power stocks. The power sector gained on expectations of sustained demand momentum. At the same time, improved loan growth and stable asset quality bolstered confidence in banks,” Vinod Nair, Head of Research, Geojit Investments Ltd, was quoted by PTI as saying. In global markets, easing US bond yields and expectations of monetary easing lent support to sentiment. A continued decline in the US 10-year yield following benign inflation data strengthened hopes of a Federal Reserve rate cut later this year, with investors awaiting the upcoming Fed minutes for further cues. “Meanwhile, stability in the rupee and range-bound crude oil prices ahead of US-Iran talks are offering additional support to domestic equities,” Nair said. Across Asia, markets ended mixed. Hong Kong’s Hang Seng rose 0.52 per cent, while Japan’s Nikkei 225 slipped 0.22 per cent. Markets in China and South Korea were shut for Lunar New Year holidays. European markets traded higher in mid-session deals, while US equities finished on a mixed note on Friday. According to exchange data, foreign institutional investors offloaded equities worth Rs 7,395.41 crore on Friday, whereas domestic institutional investors bought shares worth Rs 5,553.96 crore. Brent crude, the global oil benchmark, slipped 0.24 per cent to USD 67.59 a barrel. On Friday, the Sensex had plunged 1,048.16 points to close at 82,626.76, while the Nifty tumbled 336.10 points to settle at 25,471.10.

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