Markets rebound in early trade: Sensex, Nifty surge nearly 2 pc tracking firm trends in Asian peers

Stock markets rebounded sharply in early trade on Tuesday after facing massive drubbing in the previous session, following a recovery in Asian peers and across the board buying.

Bouncing back from a maniac Monday that left investors shell-shocked, the 30-share BSE benchmark Sensex jumped 1,283.75 points or 1.75 per cent to 74,421.65 in early trade. The NSE Nifty surged 415.95 points or 1.87 per cent to 22,577.55.

All Sensex firms, except Tata Consultancy Services, were trading in the positive territory. Titan, Adani Ports, Bajaj Finserv, State Bank of India, Axis Bank, UltraTech Cement, Larsen & Toubro and Tata Steel were the biggest gainers.

Tata Consultancy Services quoted marginally lower.

In Asian markets, Tokyo's Nikkei 225 index, Hong Kong's Hang Seng, South Korea's Kospi and Shanghai SSE Composite index were trading in the positive territory after falling sharply on Monday. Nikkei 225 index jumped over 5 per cent.

US markets ended mostly lower on Monday.

Global markets may face heightened volatility amid a fresh threat by the US to impose a punitive 50 per cent tariff against China's retaliatory 34 per cent import levies on American products, experts said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,040.01 crore on Monday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 12,122.45 crore, according to exchange data.

Global oil benchmark Brent crude climbed 1.32 per cent to USD 65.06 a barrel.

On Monday, the Sensex crashed 2,226.79 points or 2.95 per cent to settle at 73,137.90. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.

The Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.