Sensex rebounds over 700 points to reclaim 58K-level in early trade

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The BSE gauge Sensex shot up more than 700 points to revisit the key 58,000-level in opening deals on Friday, as participants indulged in buying across counters.

The 30-share index zoomed 723.55 points 1.26% to 58,000.49 in initial trade.

Likewise, the NSE Nifty advanced 217.45 points or 1.27% to 17,327.60 in opening trade.

On the Sensex chart, all shares, barring Maruti, were trading with mild to hefty gains.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, offloading ₹6,266.75 crore on Thursday, as per official exchange data.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “There are three trends in the market which are important from investors’ perspective. One, relentless massive selling by FIIs (around ₹33,000 crore so far in January) is emerging as the strongest headwind to the market in the short-run.” “Two, there is massive churn happening within the Nifty from tech to banking and to a lesser extent to autos. Three, over-valued growth stocks are getting punished and their valuations are slowly getting to realistic levels,” he added.

Elsewhere in Asia, bourses saw a mixed trading pattern, with only China and Japan trading higher in mid-afternoon deals. Other exchanges logged losses.

Meanwhile, international oil benchmark Brent crude eased 0.38% to $89.74 per barrel.

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