Markets rebound amid buying in telecom Stocks

Encouraging local inflation data creates headroom for rate cut by RBI in February

- Press Trust of India

MUMBAI: Benchmark stock indices Sensex and Nifty rebounded sharply by about 1% on Friday, propelled by bargain hunting in telecommunication, tech and consumer durable stocks amid encouraging domestic inflation data. After falling 1,207.14 points in morning trade, the 30-share BSE benchmark Sensex recovered all the lost ground later and jumped 843.16 points or 1.04% to settle at 82,133.12. During the day, it surged 923.96 points or 1.13% to 82,213.92.

The NSE Nifty climbed 219.60 points or 0.89% to settle at 24,768.30 after falling 367.9 points in intra-day trade.

On the weekly front, the BSE benchmark jumped 623.07 points or 0.76%, and the Nifty climbed 90.5 points or 0.36%.