Delilah D’Souza
Daijiworld Media Network – Mumbai
Mumbai, May 20: Indian equity benchmarks rebounded in early trade on Tuesday, buoyed by positive global cues and renewed buying interest in key sectors.
The 30-share BSE Sensex rose 191 points to 82,250.42, while the NSE Nifty gained 64.9 points to reach 25,010.35.
Leading the gains were Tata Steel, Infosys, Tech Mahindra, ITC, Tata Consultancy Services, Axis Bank, IndusInd Bank, and Asian Paints. Conversely, Power Grid, HDFC Bank, Bajaj Finance, Reliance Industries, Titan, and Nestle were among the laggards.
Asian markets also traded positively, with indices like South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite, and Hong Kong's Hang Seng showing gains.
Brent crude, the global oil benchmark, saw a slight dip of 0.06% to USD 65.50 per barrel.
Market analysts suggest that, in the near term, the market may enter a consolidation phase. High valuations could limit upside potential, with institutional selling emerging on rallies. This was evident from Monday's activity, where both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) were marginal net sellers.
On Monday, the Sensex had declined by 271.17 points to settle at 82,059.42, while the Nifty dipped 74.35 points to 24,945.45.