Stock Market Today: The domestic equity indices rebounded sharply in early trade on Friday after a massive decline in previous session. At the time of writing, Sensex was trading at 75,059.05, up 851.81 points or 1.15 per cent. While, Nifty50 quoted at 23,268.25, up 266.10 points or 1.16 per cent.
The BSE index stated the session with a gap-up of over 300 points at 74,559.39 against last session closing of 74,207.24. While, Nifty 50 opened around 100 points higher at 23,110.15 as compared to last closing of 23,002.15.
Value buying and a decent decline in crude prices fueled the rally in the market in opening hour. Last seen, Brent Crude price was trading at $106.9 per barrel. Earlier, it went up over $115 in the previous session amid escalating geo-political tension in Middle East.
Except for HDFC Bank and Bajaj Finance all other stocks from the Sensex basket were trading in positive territory with Tata Steel, SBI, Tech Mahindra, L&T, PowerGrid, NTPC, Titan, Reliance, Axis Bank, Adani Ports, HCL tech And Infosys being the top gainers.
"The Indian stock market has opened on a stable to mildly positive note, supported by strong buying interest in PSU banking stocks, which have rallied over 3.5% in early trade and are driving Bank Nifty’s relative outperformance," said Ponmudi R, CEO of Enrich Money.
Meanwhile, Global markets continue to remain volatile, reacting to fluctuations in crude oil prices and persistent geopolitical uncertainty. However, a modest cooling in crude prices has provided short-term relief to sentiment.