Markets rebound sharply in early trade on firm global trends

Benchmark equity indices bounced back in early trade on January 9, after falling sharply in the previous day, amid firm global market trends and foreign fund inflows.

Buying in IT stocks also added to the positive momentum.

After beginning the trade on an optimistic note, the 30-share BSE Sensex further jumped 493.4 points to 71,848.62. The Nifty climbed 160.65 points to 21,673.65.

All the Sensex firms were trading in the green during the early trade. Wipro, Tech Mahindra, Larsen & Toubro, Infosys, Tata Consultancy Services, Tata Motors, Titan and ICICI Bank were the major gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading higher.

The U.S. markets ended with significant gains on Monday.

The BSE benchmark tanked 670.93 points or 0.93% to settle at 71,355.22 on Monday. The Nifty declined 197.80 points or 0.91% to 21,513.

Foreign Institutional Investors (FIIs) bought equities worth ₹16.03 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.38% to $76.41 a barrel.