Indian stock markets bounce back, end 7-day losing streak

Mumbai: Indian equity market bounced back today, with the Sensex climbing 628 points and the Nifty snapping its seven-day losing streak to end at 24,231.85.

The 30-share BSE Sensex jumped 628.04 points, or 0.82 per cent, to settle at 77,537.72 after four days of decline. During the day, it surged 701.43 points, or 0.91 per cent, to 77,611.11.

The 50-share NSE Nifty also bounced back after seven days of losses. It ended at 24,231.85, up 153.55 points, or 0.64 per cent.

Yesterday, the Sensex was down 325.78 points, or 0.42 per cent, to settle at 76,909.68, registering its fourth day of decline.

Extending its losses to the seventh day, the Nifty declined 76.60 points, or 0.32 per cent, to end at 24,078.30.

The Indian equity markets ended higher, ending a seven-session losing streak, which was the longest in nearly 11 months.

The Indian markets eased after the US Treasury stepped in to contain the surge in global bond yields.

The intervention has dragged down the dollar, which, along with a firmer rupee and easing yield pressures, boosted attractiveness to EMs.

The recovery was widespread across sectors, driven primarily by strength in IT and financial stocks, as a cooling yield environment supports spending.

Among the Sensex firms, Eternal, Kotak Mahindra Bank, ITC, Bajaj Finance, Axis Bank and UltraTech Cement were the biggest winners.

Tata Steel, InterGlobe Aviation, HCL Tech and Titan were the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 407.99 crore yesterday, according to exchange data.

Brent crude, the global oil benchmark, jumped 2.67 per cent to USD 93.91 per barrel. (BVI)