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Markets sentiments were buoyed by correction in the global markets

After sliding for six straight session, Sensex and Nifty rebound inched a little higher on Wednesday’s opening trade.

The markets sentiments were buoyed by correction in the global markets. However, investors were seen cautious ahead of the central bank’s policy decision on Wednesday.

The 30-share BSE index down by 30.22 points, or 0.09 per cent, at 34,165.72 in afternoon trade. Also, the NSE Nifty down by 1.70 points, or 0.02 per cent, to 10,496.55.

Most Asian markets ended in the red, while European markets were mostly higher in early trade.

The m-cap and smallcap stocks, which were hammered in the recent selloff, rebounded sharply, rising around 1-2 per cent

The gauge had lost 2,087.31 points in the previous six sessions following a global rout in equities inflicted by inflation worries and imposition of a 10 per cent long-term capital gains tax on equities.

Emergence of buying at prevailing lower levels after recent losses and a better trend at other Asian markets, following overnight gains at the Wall Street helped both the key indices recover.

Caution prevailed as investors kept their positions at a low ebb amid expectations that the RBI may keep rates unchanged, brokers said.

Domestic institutional investors (DIIs) made purchases worth Rs 1,699.74 crore on Tuesday, as per provisional data.

Major gainers such as Tata Steel, Tata Motors, ONGC, IndusInd Bank, Dr Reddy’s, Maruti Suzuki, SBI, M&M, Bharti Airtel, Adani Ports, Axis Bank, Kotak Bank, Hero MotoCorp, ICICI Bank and RIL rose up to 2.14 per cent.

The US Dow Jones Industrial Average ended 2.33 per cent lower on Tuesday.

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