Global rally and buying in ICICI Bank, Reliance unleash bulls in early trade

Equity benchmark indices Sensex and Nifty rebounded in early deals on Monday in tandem with a rally in global markets and buying in ICICI Bank and Reliance Industries.

The 30-share BSE Sensex jumped 411.15 points to 74,141.31 in early trade. The NSE Nifty went up by 94.2 points to 22,514.15.

From the Sensex basket, ICICI Bank climbed nearly 2 per cent after the company on Saturday said its March quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore, helped by lower provisions.

IndusInd Bank, Tech Mahindra, Maruti, Sun Pharma, Reliance Industries and Tata Steel were the other major gainers.

HCL Technologies, Mahindra & Mahindra, ITC and Power Grid were the laggards.

In Asian markets, Seoul, Shanghai and Hong Kong were trading in the positive territory.

Wall Street ended with gains on Friday.

Global oil benchmark Brent crude declined 0.89 per cent to USD 88.70 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,408.88 crore on Friday, according to exchange data.

The BSE benchmark tanked 609.28 points or 0.82 per cent to settle at 73,730.16 on Friday. The NSE Nifty declined 150.40 points or 0.67 per cent to 22,419.95.