Markets rebound after heavy decline in previous trade; Sensex jumps 907 points

Mumbai, May 20 (PTI) Equity benchmarks made a sharp recovery on Friday after a heavy decline in the previous trade, with the Sensex jumping 907 points in early trade, tracking positive trends from Asian markets.

Also, jump in index major Reliance Industries helped the benchmarks bounce back.

The 30-share BSE benchmark Sensex rallied 906.98 points to 53,699.21. The broader NSE Nifty jumped 308 points to 16,117.40.

"Indices are set to trade with firm gains amid positive signals from its Asian peers," said Mohit Nigam, Head - PMS, Hem Securities.

All the Sensex firms were trading in the green in early trade, with Tata Steel, Dr Reddy's, IndusInd Bank, State Bank of India, Nestle, Hindustan Unilever, Sun Pharma and Reliance Industries emerging as the biggest gainers.

The BSE benchmark dived 1,416.30 points or 2.61 per cent to settle at 52,792.23 on Thursday. The NSE Nifty tanked 430.90 points or 2.65 per cent to end at 15,809.40.

Meanwhile, Asian markets in Hong Kong, Shanghai and Tokyo were trading in the green.

Stock markets in the US had ended lower on Thursday.

International oil benchmark Brent crude declined 0.89 per cent to USD 111.04 per barrel.

Foreign institutional investors offloaded shares worth Rs 4,899.92 crore on Thursday, as per stock exchange data.