Markets rebound amid positive trend in global equities; Sensex rallies 477 points in early trade

Mumbai, Apr 28 (PTI) Benchmark stock indices bounced back on Thursday with Sensex rallying 477 points in early trade, tracking positive trend in global markets.

30-share BSE benchmark was trading 477.05 points higher at 57,296.44 points while NSE Nifty jumped 151.1 points to 17,189.50 points.

Unilever Limited, Sun Pharma, Asian Paints, Infosys, Power Grid, Dr Reddy's and M&M were among early gainers in Sensex pack.

In contrast, HCL Techlogies, Bharti Airtel, HDFC Bank, ICICI Bank, TCS and Bajaj Finance were laggards.

Asian markets in Tokyo, Hong Kong, Shanghai and Seoul were trading in green in mid-session deals.

Stocks in US had ended mostly higher on Wednesday.

Sensex tumbled 537.22 points or 0.94 per cent to end at 56,819.39 points on Wednesday. NSE Nifty declined 162.40 points or 0.94 per cent to 17,038.40 points.

Meanwhile, international oil benchmark Brent crude dropped 1.73 per cent to USD 103.50 per barrel.

Foreign institutional investors continued ir selling spree, offloading shares worth Rs 4,064.54 crore on Wednesday, according to stock exchange data.

"A clear trend in markets w, in developed markets as well as in India, is preference for value stocks over high-priced growth stocks.

"This is partly a reflection of risk aversion among investors in present context of mounting challenges posed by expected aggressive tightening by US Fed and uncertainties arising from Ukraine war that is getting prolonged," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. PTI SUM RAM