Sensex Gains Over 400 Points As Markets Rebound From 2-Month Lows

Domestic stock markets rose more than 1 per cent in early trade on Friday tracking gains in Asian equities, in a rebound a day after benchmark indices S&P BSE Sensex and NSE Nifty 50 hit two-month closing lows. The Sensex rose 438.29 points to touch 36,991.89 at the strongest level of the day, and the Nifty climbed to as high as 10,935.30, up 129.75 points from its previous close. Gains across sectors - led by auto, pharmaceutical, automobile and metal stocks - pushed the markets higher. 

At 9:21 am, the Sensex traded 412.45 points - or 1.13 per cent - higher at 36,966.05, while the Nifty was up 116.35 points - or 1.08 per cent - at 10,921.90.

Hindalco, Adani Ports, Hero MotoCorp, IndusInd Bank, Eicher Motors, Bajaj Auto and TCS - trading around 2-3 per cent higher each - were the top percentage gainers in the 50-scrip benchmark index. SBI Life and HDFC Life - down 0.53 per cent and 0.11 per cent respectively - were  the only two laggards in the Nifty basket.

TCS, Reliance Industries and Infosys were the top boosts to Sensex.

Market breadth was highly positive with an advance-decline ratio of 4:1, as 1,222 stocks on the BSE traded higher against 306 that succumbed to losses. On the NSE, 1,312 stocks advanced while 290 declined.    

Equities elsewhere in Asia rose on Friday after robust US housing data supported a late tech-driven rally on Wall Street, with investors picking up the pieces a day after a broad regional index posted its biggest daily loss in more than three months.

MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.37 per cent higher, while Japan's Nikkei 225 benchmark was up 0.58 per cent. 

The E-Mini S&P 500 futures moved 0.53 per cent higher, indicating a positive start for US markets on Friday, a day after the benchmark S&P 500 index finished a choppy session 0.30 per cent higher.