Stock Market: Sensex Rebounds, Up 108 Points, Nifty Trades Above 15,800; IT, Metals Lead

Stock update: On the 30-share Sensex platform, PowerGrid was the top gainer, up 1.51 per cent, followed by followed by Wipro, Ultracemco, Infosys, NTPC, and others

Sensex and Nifty, the two key equity benchmarks, which on Tuesday started in the red due to global sell-off across sectors, turned positive after paring initial losses. The BSE in the opening trade declined 200 points, while the Nifty was down 40 points. However, both the benchmarks later recouped their losses and rebounded, led by recovery in IT and metals.

At 10.30 am, the BSE Sensex was up 108 points to 52,995, while the broader NSE Nifty was trading at 15,812, up 38 points.

On the 30-share Sensex platform, PowerGrid was the top gainer, up 1.51 per cent, followed by followed by Wipro, Ultracemco, Infosys, NTPC, and others. On the flipside, HDFC was the prime loser, down 0.89 per cent, followed by Reliance, IndusInd, HDFC Bank, SBI, and others.  

The broader markets also showed signs of a recovery. The BSE Midcap and Smallcap indices were in the positive territory, rising up to 0.4 per cent.

Sectorwise, Nifty Realty, Financials, and Consumer Durables held the highest losses, down up to a per cent. Nifty Metals and FMCG were muted.

Equity indices across the board witnessed a massive selloff on Monday after the US reported 40-year high inflation reading.

However, the steep fall in the indices back home in India this morning was arrested due to a moderation in retail inflation in the month of May.

India's retail inflation for the month of May moderated from the previous month and came in at 7.04 per cent, however, it remained above the RBI's 6 per cent upper tolerance band for a fifth month in a row.

In the previous session on Monday, the BSE Sensex plunged 1,776 points intra-day before closing at 52,847, down 1,457 points (2.68 per cent). The Nifty50, on the other hand, fell 427 points (2.64 per cent) to settle at 15,774. The index touched a low of 15,684 in intra-day trade.

Meanwhile, crude oil prices remained elevated on Tuesday morning and kept appreciation bias limited.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01 per cent to 105.08, supported by fears of a global economic slowdown and expectations of an aggressive rate hike path from the US Fed.

Global oil benchmark Brent crude futures fell 0.02 per cent to $122.25 per barrel.

Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 4,164.01 crore, as per exchange data.