Sensex rallies 353 points in early trade
The broader NSE Nifty gained 104.1 points to 16,129.90 points.From the Sensex pack, Tech Mahindra, Nestle, HDFC Bank, HDFC, ICICI Bank and TCS were among the prominent gainers in early deals.In contrast, Asian Paints, Maruti, NTPC, Hindustan Unilever Limited and MM were among the lagards.The Sensex tanked 303.35 points or 0.56 per cent to settle at 53,749.26 points on Wednesday.
Stock markets in the US had ended higher on Wednesday.
''There are indications of market stabilizing and consolidating around current levels. In the mother market, the US, there is a strong view that the fears of a recession are overdone.
''For the Indian economy, elevated crude prices will continue to be a major headwind, and sustained FPI selling, which can be expected to continue, will be a major hurdle for the market to rally,'' V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Continuing their selling spree, foreign institutional investors offloaded shares worth a net Rs 1,803.06 crore on Wednesday, as per stock exchange data.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)