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.

Latest News
I'm in the happiest phase of my life, a phase of evolution for me, says Virat Kohli Thu, May 19, 2022, 06:31 PM
As captain, Ganguly built a team; not sure if Kohli did: Sehwag Thu, May 19, 2022, 06:29 PM
IPL 2022: Not sad at all, it was one of the best games I have played, says Shreyas Iyer Thu, May 19, 2022, 04:04 PM
IPL 2022: De Kock powers Lucknow to playoffs with thrilling win over Kolkata Thu, May 19, 2022, 04:03 PM
Mathura court allows petition seeking removal of Shahi Idgah Thu, May 19, 2022, 03:56 PM
Yemeni govt accuses Houthi rebels of recruiting children in conflict Thu, May 19, 2022, 03:52 PM
India assures countries 'most in need'; it will provide food aid despite export controls Thu, May 19, 2022, 03:48 PM
Over 113k Syrian immigrants gain right to vote in Turkish elections: Official Thu, May 19, 2022, 03:45 PM
5 bodies of illegal immigrants found off Tunisia's SE coast Thu, May 19, 2022, 03:42 PM
Africa's Covid-19 cases pass 11.57 mn: Africa CDC Thu, May 19, 2022, 03:39 PM
Four EU states sign declaration to provide 230mn households with green electricity Thu, May 19, 2022, 03:37 PM
Former Minneapolis police officer pleads guilty to manslaughter in George Floyd's death Thu, May 19, 2022, 03:36 PM
Yogi weaves makeover for 'BC Sakhis' Thu, May 19, 2022, 03:31 PM
Visa scam: Karti's aide S.Bhaskar Raman to be produced before Delhi court Thu, May 19, 2022, 03:29 PM
Differences in TN Cong over Perarivalan's release Thu, May 19, 2022, 02:50 PM