Sensex rebounds 358 points on buying in HDFC Bank, Reliance Industries

Both key indices had hit record high levels in intra-day trade on Wednesday

Benchmark equity indices Sensex and Nifty recovered by more than half cent on Thursday following buying in index majors HDFC Bank and Reliance Industries.

The 30-share BSE Sensex jumped 358.79 points or 0.51% to settle at 70,865.10 with 21 of its stocks ending in the green and nine in the red.

The barometer opened lower and fell further by 585.92 points or 0.83% to a low of 69,920.39. But, markets found the winning momentum in the afternoon session and climbed 452.4 points or 0.64% to 70,958.71.

The broader Nifty rallied 104.90 points or 0.50% to 21,255.05 as 38 of its constituents advanced and 12 declined. During the day, it hit a high of 21,288.35 and a low of 20,976.80.

Both key indices had hit record high levels in intra-day trade on Wednesday before closing sharply down by over 1%. Sensex tanked 930 points while Nifty lost around 303 points.

Most sectors participated in the rebound on Thursday with energy, metal and banking sectors emerging as top performers, analysts said.

Buying in HDFC Bank and Reliance Industries helped indices to recover from day’s lows, they said. RIL and HDFC contributed more than 300 points to Sensex gains.