Mumbai, March 17 The benchmark equity indices, Sensex and Nifty, rebounded after a fall in early trading on Tuesday, mirroring a positive trend in global markets.
The 30-share BSE Sensex declined by 144.34 points to 75,358.51 in the initial trading session. The 50-share NSE Nifty dipped by 49.95 points to 23,358.85.
However, the two benchmark indices quickly recovered. The BSE benchmark rose by 192.14 points to 75,696.83, while the Nifty traded up by 64.25 points at 23,473.05.
Among the 30 companies in the Sensex, Eternal, Mahindra & Mahindra, Maruti, Tata Steel, InterGlobe Aviation, and Bharti Airtel were the major gainers.
Infosys, HCL Tech, Tata Consultancy Services, Tech Mahindra, and State Bank of India were among the biggest laggards.
Brent crude, the global benchmark for oil, rose by 2.61 per cent to USD 102.8 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 9,365.52 crore on Monday. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 12,593.36 crore.
In Asian markets, the South Korean Kospi, the Japanese Nikkei 225 index, and the Hong Kong Hang Seng index were trading positively, while the Shanghai SSE Composite index was lower.
The US market closed higher on Monday.
"Given the continued uncertainty and confusion regarding the war's trajectory, this uncertainty is also reflected in the market. The sharp rebound of 257 points in the Nifty yesterday was mainly due to short covering from an oversold position. However, this rebound is unlikely to sustain, given the massive selling by FIIs, which amounted to Rs 9,366 crore on Monday," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
On Monday, the Sensex rose by 938.93 points or 1.26 per cent, closing at 75,502.85. The Nifty climbed by 257.70 points or 1.11 per cent, ending at 23,408.80.