Indian markets rebound from yesterday’s sell-off

After the sell-off on Monday, India’s benchmark indices – NIFTY50 (+0.5%) and SENSEX (+0.6%) – rebounded today. Out of the NIFTY50 space, 36 stocks closed in the green. Gains in ICICI Bank, Reliance Industries and Axis Bank helped in propelling the benchmark indices higher.

The oil-to-retail conglomerate – Reliance Industries – became the first Indian company to cross the ₹20 lakh crore mark. Shares of Reliance Industries have gained 13% so far this year.

Meanwhile, UPL, Coal India and SBI Life were the top gainers. On the other hand, Hindalco, Grasim and Divis Lab were the top losers. On the sectoral front, all NIFTY sectoral indices made gains except Metal and Media. Private Bank and PSU Bank stocks gained the most.

However, the broader markets also closed in the green but underperformed the benchmark indices. The NIFTY Midcap 100 index (+0.3%) closed higher today. Meanwhile, NIFTY Smallcap 100 Index (+0.1%) closed in the green today.

Experts state that easing retail inflation and the possibility of an increase in foreign investors inflows gave a boost to the sentiments.