Benchmark indices bounce back, reverse three-day decline

Equity benchmark indices rebounded in early trade on August 4 after three days of decline, amid buying in the IT counters and mixed global market trends.

Bouncing back from a three-day fall, the 30-share BSE Sensex climbed 300.1 points to 65,540.78 in early trade. The NSE Nifty advanced 105.9 points to 19,487.55.

From the Sensex pack, Tech Mahindra, Wipro, HCL Technologies, Tata Consultancy Services, Infosys, JSW Steel, Titan and ITC were among the biggest gainers.

Power Grid, Hindustan Unilever, Tata Motors and ICICI Bank were among the laggards. In Asian markets, Shanghai and Hong Kong were trading in positive territory, while Seoul and Tokyo quoted lower. The US markets ended marginally lower on August 3.

“India’s services sector growth touched a 13-year high in July as a substantial improvement in demand conditions and a pick-up in international sales induced the strongest increase in new business and output,” a monthly survey said.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹317.46 crore on Thursday, according to exchange data. Global oil benchmark Brent crude climbed 0.12 per cent to $85.24 a barrel.

The BSE benchmark fell by 542.10 points or 0.82 per cent to settle at 65,240.68 on Thursday. The Nifty declined 144.90 points or 0.74 per cent to end at 19,381.65.