Stock Market Rebounds: Sensex Jumps 490 Points; Nifty Around 19,000. All Sectors In The Green

Stock update: On the 30-share Sensex platform, NTPC, SBI, M&M, Reliance, Infosys, Maruti were among the lead gainers. On the downside, Kotak Bank, HUL, and Asian Paints emerged losers

In the broader markets, the BSE Midcap and SmallCap indices went up 1 per cent each.

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The two key equity benchmarks, Sensex and Nifty, on Friday rebounded sharply from the previous day selloff and opened higher. At 9.42 am, the BSE Sensex jumped 489 points to 63,636. On the other hand, the NSE Nifty50 was trading at 18,999, up 142 points.

On the 30-share Sensex platform, NTPC, SBI, M&M, Reliance, Infosys, Maruti were among the lead gainers. On the downside, Kotak Bank, HUL, and Asian Paints emerged losers.

Performance of Broader Markets

In the broader markets, the BSE Midcap and SmallCap indices went up 1 per cent each.

Sectors At A Glance

Sectorally, all the indices are trading in the positive zone, with auto, power, capital goods, IT, and realty rose 1 per cent each.

In the previous session on Thursday, the BSE Sensex tanked 901 points to 63,148, while the NSE Nifty50 ended at 18,857, down 265 points.

"After six continuous days of losses triggered by the elevated bond yields in the US and tensions in West Asia, the market appears to be oversold. The Q3 GDP growth at 4.9 per cent means the Fed will continue to be hawkish and the likely 'higher for longer' interest rate regime is negative from the stock market perspective," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

In Asia, Seoul, Tokyo, Hong Kong, and Shanghai were trading in the green zone. The US stock markets closed lower on Thursday. 

Global oil benchmark Brent crude jumped 1.25 per cent to $89.03 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,702.53 crore on Thursday, according to exchange data.

Rupee Rises 2 Paise To 83.23 Against US Dollar

Meanwhile, the Indian rupee snapped its three-day fall and inched up 2 paise to 83.23 against the US dollar in early trade on Friday amid positive cues from the domestic equity markets and a weak US currency overseas. An upward trend in the crude oil prices and selling pressure from foreign equity investors continued to weigh on the Indian currency, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.24 and gained further to reach 83.23 against the greenback, up 2 paise from its previous close. The rupee settled 8 paise lower at 83.25 against the dollar on Thursday, the third consecutive day of fall. It had dropped 4 paise on Monday, followed by a dip of 1 paisa on Wednesday when it closed at 83.17 against the dollar.