The domestic stock markets have rebounded more than 400 points, post the correction witnessed in the past three trading sessions, on the back of positive global cues. Wall Street had a positive closing overnight, Asian markets have opened on a firm note and early indications from SGX Nifty futures trading suggest a strong opening for the indices back home. At 9:20 am, the Sensex was trading at 52,619.70, higher by 413.90 points or 0.78 per cent and the NSE Nifty was at 15,756.55, up 122.15 points or 0.77 per cent.
Shares in Asia-Pacific were higher in Thursday morning trading, with markets in Japan closed for a holiday. Hong Kong’s Hang Seng index was among the biggest gainers regionally, rising 1.19 per cent in early trade. The Taiex in Taiwan also gained 1.01 per cent.
Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally. The Dow Jones rose 0.83 per cent, the S&P 500 gained 0.82 per cent and Nasdaq Composite added 0.92 per cent.
In corporate news, Hindustan Unilever, UltraTech Cement, Bajaj Auto, Biocon, Can Fin Homes, Chennai Petroleum Corporation and CSB Bank will declare their earnings during the day.
On the stock-specific front, financial stocks have rebounded after recent losses. Bajaj Finance, HDFC Bank, IndusInd Bank, ICICI Bank and SBI have gained 1-3 per cent each on the BSE. Tata Steel, Hindustan Unilever and Titan are the other significant gainers on the BSE.
On the other hand, Asian Paints, Powergrid and Dr Reddy’s have lost upto a per cent each on the BSE.
The BSE market breadth is weak. Out of 2,731 stocks traded on the BSE, there are 2,118 advancing stocks as against 511 declines.