Stock market update: Markets rebound in early trade on foreign fund inflows

Benchmark equity indices rebounded in early trade on Thursday amid steady foreign fund inflows along with buying in frontline stocks Reliance Industries and HDFC BankThe 30share BSE Sensex rebounded 26485 points to 8261749 in early trade The NSE Nifty climbed 7675 points to 2527545 reported PTIAmong the 30 Sensex firms UltraTech Cement Tata Steel ITC Titan ICICI Bank JSW Steel Reliance Industries and HDFC Bank were the biggest gainersNestle Bharti Airtel Bajaj Finserv Bajaj Finance and Mahindra amp Mahindra were among the laggardsIn Asian markets Seoul and Shanghai were trading higher while Tokyo and Hong Kong quoted lowerThe US markets ended on a mixed note on WednesdayForeign Institutional Investors FIIs bought equities worth Rs 97546 crore on Wednesday according to exchange dataFIIs turning net buyers of domestic equities in past few sessions has been lending a major support Prashanth Tapse Senior VP Research Mehta Equities Ltd said while speaking on the stock market update reported PTIWhile speaking about the stock market update Ajay Bagga Banking and Market Expert told ANI We expect markets to remain volatile going into tomorrows US August payrolls data and unemployment number US equities are seeing strong outflows The shadow of the still pending further unwinding of the Yen carry trade looms on US Big Tech stocks which have been recipients of these investments India is seeing buying at every dip and that provides strength to the markets Indian futures are pointing to a positive open but caution remains on the US data and the Yen unwinding expected aheadIndias services sector activity growth touched a fivemonth high in August on stronger rise in new work orders while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook a monthly survey said on WednesdayThe BSE benchmark dropped 20280 points or 025 per cent to settle at 8235264 on WednesdaySnapping its 14day rally the Nifty declined 8115 points or 032 per cent to 2519870 The Nifty had surged nearly 1141 points or 459 per cent in 14 straight days reported PTIMeanwhile global oil benchmark Brent crude traded 019 per cent higher at USD 7284 a barrelRupee rises 4 paise to 8397 against US dollar in early tradeThe rupee appreciated by 4 paise to 8397 against US dollar in early trade on Thursday supported by weakening of the American currency in the overseas market and a positive trend in domestic equitiesForex traders said an overall drop in crude oil prices and foreign fund inflows aided investor sentimentsAt the interbank foreign exchange market the local unit opened at 8398 then inched further to touch 8397 registering a rise of 4 paise from its previous closeOn Wednesday the rupee breached the crucial 84mark for the second time within a month and settled 3 paise lower at 8401 against the American currencyWith inputs from PTI and ANI