MUMBAI: Benchmark indices Sensex and Nifty rebounded in early trade on Wednesday amid easing crude oil prices although foreign investor selling remained a key headwind for domestic equities.
The 30-share BSE Sensex climbed 283.66 points to 74,812.74 in early trade. The 50-share NSE Nifty was up 85.55 points to 23,414.55.
Among the 30 Sensex firms, Bajaj Finance, Bajaj Finserv, Tata Steel, UltraTech Cement, Larsen & Toubro and Asian Paints were among the winners.
Tata Consultancy Services, Infosys, HDFC Bank and Mahindra & Mahindra were among the laggards.
Brent crude, the global oil benchmark, traded 0.97 per cent lower at USD 98.29 per barrel.
"The moderation in crude prices offers some relief on the broader macroeconomic front, particularly for India given its dependence on imported energy.
However, continued foreign investor selling remains a key headwind for domestic equities, particularly as uncertainty over the Middle East continues to weigh on global risk appetite," Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.
In Asian markets, South Korea's Kospi quoted in positive territory, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index traded lower.
US markets ended on a mixed note on Tuesday.
"Overnight global cues offer little conviction. Wall Street ended mixed, with technology stocks supporting the Nasdaq while the Dow closed lower.
Brent crude has recovered to around USD 99 a barrel after briefly slipping below USD 98.
The retreat in crude prices has eased some pressure on India's inflation and external balances, but that relief remains vulnerable to renewed geopolitical escalation," Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,809.99 crore on Tuesday, according to exchange data.
On Tuesday, the Sensex declined 329.91 points, or 0.44 per cent, to settle at 74,529.08.
The Nifty dipped 85.30 points, or 0.36 per cent, to end at 23,329.
