Indian equities rebound sharply; Sensex, Nifty rise 1%

by IANS |

New Delhi, Jan 28 (IANS) The Indian equities have rebounded from the previous day's sharp losses and traded in the green during early trade on Friday due to value buying at lower levels.

On Thursday, the sharp losses were because the US Fed's Federal Open Market Committee in its latest meeting held on Wednesday said it was ready to tighten monetary policy.

The Federal Open Market Committee kept its policy interest rate "near zero" and stated its expectation that an increase in this rate would "soon be appropriate".

At 10.36 a.m., Sensex traded at 57,888 points, up 1.1 per cent or 611 points from the previous close of 57,276 points. It opened at 57,795 points.

Nifty traded at 17,308 points, up 1.2 per cent or 198 points from the previous close of 17,110 points. It opened at 17,208 points.

"High quality banking has strong fundamentals and attractive valuations justify nibbling in this space. Mid-cap IT with unjustifiable valuations have more room to correct, but large-cap IT is looking attractive after the recent correction," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Long-term investors can nibble at some new age digital companies selectively if they correct by another five percent from present levels. Heightened volatility like the present provide opportunities."

Among the stocks, NTPC, ONGC, Mahindra & Mahindra, Eicher Motors, and Adani Ports were the top five gainers in the morning session.

On the contrary, Maruti Suzuki, Power Grid Corporation, and SBI were some of the top losers.

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