Indian stock markets rebounded in early trade on Friday, recovering from the previous session's losses, driven by buying in banking and IT stocks. The BSE Sensex surged over 300 points, while the NSE Nifty climbed above the 22,500 mark.
Market Performance
The 30-share BSE Sensex jumped 312.65 points to 74,567.82 in early trade. The broader NSE Nifty gained 93.85 points to 22,541.60. Among the Sensex firms, HDFC Bank, Infosys, ICICI Bank, and Reliance Industries were the top gainers.
Factors Behind the Recovery
Analysts attributed the rebound to value buying after the recent correction. Positive global cues from the US market also supported sentiment. The US markets ended higher on Thursday, with the S&P 500 and Nasdaq posting gains.
Additionally, foreign institutional investors (FIIs) turned net buyers in the previous session, providing further impetus. According to exchange data, FIIs bought equities worth Rs 1,234 crore on Thursday.
Sectoral Trends
All sectoral indices were trading in the green, with banking, IT, and metal stocks leading the rally. The Nifty Bank index rose 0.8%, while the Nifty IT index gained 1.2%. The Nifty Metal index also advanced 0.6%.
Market breadth was positive, with 1,856 stocks advancing, 672 declining, and 188 remaining unchanged on the BSE.
Outlook
Market experts believe that the rebound could continue if global cues remain supportive. However, they caution that volatility may persist due to upcoming domestic and global economic data.
