Mumbai, March 20 The benchmark indices, Sensex and Nifty, rebounded in early trading on Friday after experiencing a significant decline in the previous session, driven by a slight decrease in crude oil prices.
The 30-share BSE Sensex rose by 976.77 points to 75,184.01 in early trading. The 50-share NSE Nifty surged by 301.7 points to 23,303.85.
Among the 30 companies in the Sensex, Tata Steel, State Bank of India, Tech Mahindra, Larsen & Toubro, Power Grid, and NTPC were among the major gainers.
HDFC Bank was the only laggard.
Brent crude, the global oil benchmark, declined by 1.63 per cent to USD 106.9 per barrel.
"Today, there is potential for the market to move up as the hope of de-escalation has returned. The remarks made by the Israeli Prime Minister yesterday indicated that there would not be further attacks on Iran's oil and gas infrastructure. This has led to a decrease in Brent crude from its peak of USD 118 yesterday to USD 106," said V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
In Asian markets, the benchmark Kospi and Shanghai's SSE Composite index were trading higher, while Hong Kong's Hang Seng index was trading lower.
The US market ended in negative territory on Thursday.
"Recent signals from the US and Israel indicating a possible de-escalation in the Iran conflict have brought some relief to global markets. This has led to a slight decrease in crude oil prices and has supported a relatively stable opening across Asian indices," said Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,558.19 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) bought stocks worth Rs 3,863.96 crore.
On Thursday, the Sensex plunged by 2,496.89 points, or 3.26 per cent – its biggest single-day fall since June 2024 – to close at 74,207.24. The Nifty tumbled by 775.65 points, or 3.26 per cent, to end at 23,002.15.