The Sensex and Nifty stock market benchmarks rebounded in early trade on Friday after being on the defensive for the previous five consecutive sessions. The rally was aided by value buying at lower levels and a surge in blue-chip companies Infosys, Tata Consultancy Services, and Reliance Industries.

The 30-share BSE Sensex rose 235.23 points to 80,275.03 in early trade. The NSE Nifty climbed 86.6 points to 24,492.70. Tata Steel, Bajaj Finance,  Infosys, Bharti Airtel,  JSW Steel, Tata Consultancy Services, HCL Technologies, and Reliance Industries were the top gainers from the Sensex pack.

Nestle, HDFC Bank, Tech Mahindra, and Maruti were the laggards. The Indian bull market has the unique ability to overcome all worries.

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Seoul, Tokyo, and Hong Kong traded higher in Asian markets, while Shanghai traded lower. The US markets closed mostly lower on Thursday. The global oil benchmark of Brent crude rose 0.19 percent to $82.53 a barrel. According to bourse data, foreign institutional investors (FIIs) sold shares worth Rs 2,605.49 crore on Thursday.

After a sharp decline in intraday trade on Thursday, the benchmark BSE recovered some of its lost ground to close 109.08 points or 0.14 percent lower at 80,039.80. The NSE Nifty fell 7.40 points or 0.03 percent to 24,406.10. In five days, the benchmark BSE Sensex index fell 1,303.66 points or 1.60 percent, while the Nifty was down 394.75 points or 1.59 percent.

Rupee Recovers From Record Low

The rupee recovered from its all-time low and appreciated 9 paise to 83.69 against the US dollar in early trade on Friday, amid a positive trend in domestic equities. Foreign exchange traders said foreign fund outflows from Indian equities following the government's decision to increase the capital gains tax rate weighed on the local currency and restrained the upside move.

At the interbank forex market, the local unit opened at 83.72 against the US currency, then rose to 83.69 against the US currency, registering a rise of 9 paise from its previous close.

(With PTI's Input)

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