Plus   Neg

Sensex, Nifty Snap Three-day Losing Streak

Indian markets rebounded on Wednesday after a three-day fall, as expectations of strong earnings in the January-March quarter as well as hopes of another rate cut by RBI at its June review helped investors shrug off concerns over elevated oil prices.

Oil prices slipped below six-month highs after the International Energy Agency (IEA) said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels," thanks to ample spare capacity from the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), Russian and also the United States.

The benchmark 30-share BSE Sensex ended the session up 489.80 points or 1.27 percent at 39,054.68, while the broader 50-share Nifty index rose by 150.20 points or 1.30 percent to 11,726.15.

ONGC, IndusInd Bank, HCL Technologies, BPCL and UltraTech jumped 3-6 percent in the Nifty pack, while Tata Motors fell over 3 percent on profit taking after recent strong gains.

Globally, Asian markets ended mixed as investors digested upbeat corporate results from the U.S. and looked forward to further progress in U.S.-China trade talks.

European stocks pulled back from eight-month highs, as investors digested weak regional data and fretted that Beijing will slow the pace of policy easing following some signs of stabilization in the world's second-largest economy.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT