SBI Cards IPO in Focus as Sensex Rebounds Over 750 Points; Nifty Tops 11,300

Mumbai: Market benchmark Sensex rebounded over 750 points in opening session on Monday led by strong gains in index-heavyweights Reliance Industries, ICICI Bank and HDFC as global investors began bottom-fishing after last week's selloff. After rallying over 785 points, the 30-share index pared some gains to trade 449.56 points, or 1.17 per cent, higher at 38,746.85. Likewise, the NSE Nifty recovered 120.05 points, or 1.07 per cent, to 11,321.80.

Top gainers in the Sensex pack included ICICI Bank, HCL Tech, Reliance Industries, TCS, ONGC, Titan and Infosys, rising up to 3 per cent. On the other hand, Kotak Bank, M&M and Tech Mahindra were in the red. In the previous session, the Sensex logged its second-biggest one-day fall in history as concerns over the coronavirus triggered a manic global sell-off. The 30-share index ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29, while the Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75.

Further, on a net basis, foreign institutional investors (FPIs) sold equities worth Rs 1,428.74 crore, while domestic institutional investors bought shares worth Rs 7,621.16 crore on Friday, data available with stock exchanges showed. According to traders, following the recent selloff in global equity markets, investors are bottom-fishing recently-battered stocks.

Stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo were also trading with firm gains. Meanwhile, China has reported 42 new fatalities from the novel coronavirus outbreak, taking the death toll in the country to 2,912, Chinese health officials said on Monday, as the rapid spread of the epidemic wreaked havoc globally causing over 3,000 deaths and infecting more than 88,000 people.

On the domestic front, stocks are expected to react to the GDP growth numbers released after market hours on Friday. India's gross domestic product (GDP) growth slipped to a nearly 7-year low of 4.7 per cent in October-December 2019, weighed by a contraction in manufacturing sector output. The rupee appreciated 15 paise to 72.09 against the US dollar in morning session. Global oil benchmark Brent crude futures rose 3.50 per cent to USD 51.41 per barrel.