Market rebounds 1% after opening lower. Factors behind the turnaround

Market rebounds 1% after opening lower. Factors behind the turnaround

After opening lower, Indian markets rebounded and gained nearly 0.5% led by gains in Reliance Industries Ltd and IT stocks. At 2pm, the benchmark Sensex rose 1% to 57825 points while Nifty advanced 0.86% to 17264 points.





March 22, 2022 / 03:12 PM IST





After opening lower, Indian markets rebounded and gained nearly 0.5 percent, led by gains in Reliance Industries Ltd and IT stocks. At 2pm, the benchmark Sensex rose 1 percent to 57,825 points, while the Nifty advanced 0.86 percent to 17,264 points.

The revival in the Indian indices has been in tune with their overseas peers. Asian and European markets traded higher, offering positive cues for the Indian indices.

In Europe, FTSE100, CAC 40 and DAX gained around 0.3 percent each. Among Asian markets, Hang Seng rose 3 percent and Nikkei 1.4 percent. The Chinese stock markets gained after its pledge to support markets. The trend indicates the tech crackdown was nearing its end, according to Bloomberg report.

Earlier in the day, the stock markets opened nearly 0.4 percent lower on soaring crude prices and rising US 10-year bond yields. Federal Reserve Chair Jerome Powell said on Monday the authorities are prepared to hike interest rates by a half percentage-point at its next meeting in May