Sensex, Nifty Rebound After Thursday’s Sharp Selloff
Indian markets opened higher on Friday, attempting a technical rebound after a brutal selloff on Thursday. At 9:27 AM, the Sensex was up 338.71 points at 71,931.95 and the Nifty up 91.65 points at 22,323.45.
Thursday’s crash saw the Sensex plunge 1,045.46 points, or 1.44 percent, to 71,593.24 — a 32-month low. The Nifty fell 371.25 points to 22,231.80, its lowest in 18 months.
Drivers included Brent crude jumping 4 percent past $104, rising global bond yields, a weak rupee and foreign investors selling a record Rs 12,944 crore in a day. The RBI’s 25-basis-point rate hike to 5.5 percent earlier in the week added to nerves.
Analysts warn the rebound may be capped by oil prices and IT weakness after TCS posted its weakest quarterly revenue growth in three years. Domestic investors bought Rs 10,703 crore on Thursday, cushioning the fall.
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