Sensex, Nifty bounce back in early trade after sharp fall in previous session

This comes after equity benchmark indices Sensex and Nifty tumbled on Thursday amid a sharp fall in Adani group stocks after billionaire industrialist Gautam Adani was charged in the US for alleged bribery and fraud

Mumbai: Benchmark equity indices Sensex and Nifty bounced back in early trade on Friday after falling sharply in the previous session driven by value buying at lower levels and a rally in blue-chip bank stocks.

Buying by domestic institutional investors and firm trends in US markets also added to the recovery in domestic equities.

The BSE benchmark Sensex jumped 506.58 points to 77,662.37 in early trade. The NSE Nifty climbed 162.9 points to 23,512.80.

From the 30-share Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Tata Motors, Power Grid, Bajaj Finance, Bajaj Finserv and Tech Mahindra were the biggest gainers.

Adani Ports, Axis Bank, Mahindra & Mahindra, Titan and Sun Pharma were the major laggards.

Eight of the ten listed Adani group firms were trading lower during the morning trade, extending their previous day's fall, after billionaire industrialist Gautam Adani was charged in the US for alleged bribery and fraud.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,320.68 crore on Thursday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,200.16 crore, according to exchange data.

In Asian markets, Seoul and Tokyo were trading in the positive territory while Shanghai and Hong Kong quoted lower.

The US markets ended higher on Thursday.

Global oil benchmark Brent crude climbed 0.26 per cent to USD 74.42 a barrel.

On Thursday, the BSE benchmark tanked 422.59 points or 0.54 per cent to settle at 77,155.79 points. The Nifty slumped 168.60 points or 0.72 per cent to 23,349.90.