Mumbai | Jagran Business Desk: Indian equity benchmark indices bounced back in early trade on Tuesday after facing a heavy drubbing in the previous session, with Sensex jumping 293.15 points.
Sensex was trading 293.15 points higher at 57,459.89 points while the Nifty was up 102 points at 17,275.65 points.
Both the indexes shed roughly 2 per cent each in the previous session after weak March-quarter results from Infosys triggered a sharp selloff in IT stocks.
However, as the session progressed, both the benchmark indices gave up the early gains in choppy trade.
Early on Tuesday, Nifty’s IT sub-index rose after seven sessions of losses and added 1%. Shares of Mindtree rose as much as 3.1 per cent after March quarter results.
Energy stocks jumped more than 1 per cent as oil prices rose amid deepening concerns over tight global supplies.
From the 30-share Sensex pack, Tata Steel, M&M, State Bank of India, Maruti, ICICI Bank, Reliance Industries and Bajaj Finance were among the early gainers.
In contrast, HDFC, Infosys, HDFC Bank and HCL Technologies were among the major laggards.
The benchmark index tanked 1,172.19 points or 2.01 per cent to settle at 57,166.74 points on Monday. The broader NSE Nifty plunged 302 points or 1.73 per cent to finish at 17,173.65 points.
Meanwhile, Asian shares traded cautiously on Tuesday, with investors weighing China’s measures
to cushion an economic slowdown and the prospect of aggressive Federal Reserve monetary policy tightening.
Investors are also bracing for a barrage of earnings that will help them assess the impact of the Ukraine war and a spike in inflation on company financials. Netflix, Tesla and Johnson & Johnson are all to report this week.
Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5 per cent while US stock futures, the S&P 500 e-minis, were up 0.2 per cent.
Australia’s S&P/ASX 200 edged up 0.66 per cent, as strong commodity prices lifted mining and energy stocks, while Japan’s Nikkei rose 0.18 per cent.
China’s blue-chip CSI300 index was 0.06 per cent higher in early trade while the Shanghai Composite Index rose 0.24 per cent. Hong Kong’s Hang Seng index opened down 2.4 per cent, pressured by a slump in tech giants listed in the city amid China’s latest regulatory crackdown on the sector.
International oil benchmark Brent crude gained 0.46 per cent to USD 113.68 per barrel.
Foreign institutional investors continued to offload shares worth Rs 6,387.45 crore on Monday, according to exchange data.