Markets rebound in early trade on rally in global peers, foreign fund inflows

Equity benchmark indices rebounded in early trade on Thursday tracking a rally in global markets and foreign fund inflowsThe 30share BSE Sensex jumped 42883 points to 8195199 in early trade The NSE Nifty climbed 1541 points to 2507255 reported PTIAmong the 30 Sensex firms Tata Steel Adani Ports Bharti Airtel Tech Mahindra Kotak Mahindra Bank and State Bank of India were the biggest gainersTata Motors Asian Paints Nestle and Bajaj Finserv were among the laggardsIn Asian markets Seoul Tokyo and Hong Kong were trading with significant gains while Shanghai quoted lowerThe US markets ended with sharp gains on WednesdayLatest US inflation numbers are mildly positive for markets August CPI inflation coming at 02 per cent has brought down the 12month inflation to 25 per cent from 29 per cent earlier This paves the way for a rate cut by the Fed in September But since core inflation continues to remain high at 32 per cent the Fed is likely to be cautious and refrain from a 50 bps rate cut finally settling for a 25 bps rate cut V K Vijayakumar Chief Investment Strategist Geojit Financial Services said while speaking about the stock market update reported PTIForeign Institutional Investors FIIs bought equities worth Rs 1755 crore on Wednesday according to exchange dataFIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient Vijayakumar said while speaking about the stock market update reported PTIGlobal oil benchmark Brent crude climbed 055 per cent to USD 71 a barrelThe BSE benchmark dropped 39813 points or 049 per cent to settle at 8152316 on Wednesday The NSE Nifty declined 12265 points or 049 per cent to 2491845Rupee sees rangebound trade in morning sessionThe Indian rupee witnessed rangebound trade in the morning session on Thursday and appreciated by 2 paise to 8397 against the US dollar amid a positive trend in domestic equities and foreign fund inflows reported PTIForex traders said the rupee continues to hold steady within a welldefined range on active intervention by the Reserve Bank of India RBIAt the interbank foreign exchange market the local unit moved in a narrow range It opened at 8397 against the American currency registering a rise of 2 paise over its previous close reported PTIOn Wednesday the rupee settled 1 paisa lower at 8399 against the American currencyWith inputs from PTI