Markets rebound in early trade on buying in ICICI Bank, firm trends in Asian peers

Declining for the fifth straight session, equity benchmark Sensex on Friday plunged about 660 points to crash below the 80,000 level. Nifty tanked 218.60 points or 0.90 per cent to 24,180.80.

Mumbai: Equity markets rebounded in early trade on Monday, driven by buying in the stock of blue-chip ICICI Bank, firm trends in Asian peers and continuous buying by domestic institutional investors.

The BSE Sensex jumped 462.45 points to 79,864.74 in early trade. The NSE Nifty climbed 112.1 points to 24,292.90.

From the 30 Sensex pack, ICICI Bank climbed nearly 3 per cent after the private sector lender posted a 14.5 per cent growth in standalone profit to Rs 11,746 crore for the second quarter ended September 2024.

State Bank of India, IndusInd Bank, Infosys, HCL Technologies, Asian Paints and Hindustan Unilever were the other big gainers from the pack.

JSW Steel, Larsen & Toubro, Power Grid and ITC were among the laggards.

In Asian markets, Seoul, Tokyo and Shanghai were trading higher, while Hong Kong quoted lower.

The US markets ended on a mixed note on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,036.75 crore on Friday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,159.29 crore, according to exchange data.

Global oil benchmark Brent crude eased 4.38 per cent to $72.72 a barrel.

The BSE benchmark plummeted 662.87 points or 0.83 per cent to settle at 79,402.29 on Friday. The Nifty tanked 218.60 points or 0.90 per cent to 24,180.80.