Sensex Rebounds 295 Points on Positive Global Cues

Mumbai : The BSE benchmark Sensex rebounded by about 295 points to finish at 34,300 and the NSE Nifty reclaimed the 10,500-level today as investor sentiments were buoyed by robust corporate earnings and positive global cues.

Investors heavily bought into recently battered power, realty, capital goods and banking stocks amid continued buying by domestic funds and retail investors ahead of inflation data to be released after market hours on Moday.

Strong corporate earnings, led by Tata Steel, and a firm trend on other Asian and European bourses following a good show by Wall Street on Friday lifted mood of investors in domestic markets.

Oil prices were up after sinking on Friday for a sixth straight day and the rupee also appeared to be on the recovery path, adding to revived sentiments.

After opening on a strong footing, the Sensex advanced to hit a fresh high of 34,351.34 on the back of continued buying by domestic funds and retail investors but later declined to 34,115.12 on profit booking.

It finally settled 294.71 points, or 0.87 per cent, higher at 34,300.47. The index had lost 407.40 points, or 1.18 per cent, to settle at a one-month low of 34,005.76 on Friday, weighed by weak global stocks.

The broader Nifty, after touching a high (intra-day) of 10,555.50 points, finished at 10,539.75, up 84.80 points, or 0.81 per cent.

Brokers said sustained buying by domestic institutional investors ahead of inflation data to be released after market hours today improved the market sentiment. Domestic institutional investors bought shares worth a net Rs 588.42 crore while foreign portfolio investors sold shares worth a net Rs 1,351.70 crore on Friday, provisional data showed.

On the macro front, the government will announce inflation data based on consumer price index (CPI) for January and industrial production data for December 2017 to be released after market hours on Monday.