Nifty, Sensex bounce back after early decline as midcaps outperform

• Bajaj Finance, Power Grid, Bajaj Finserv were the main laggards in trade.
• NTPC, Tata Consultancy Services, Tata Motors were among the top gainers.
• Asian markets are trading lower on Thursday morning.

Benchmark equity indices, the Nifty and the Sensex, declined in early trade on Thursday amid weak trends in Asian markets, but soon bounced back to quote in the positive territory. The 30-share BSE Sensex fell 168.91 points to 65,507.02 in early deals. The Nifty dipped 48.45 points to 19,627.

But, later both the benchmark equity indices bounced back to quote in the green amid optimism due to fresh foreign fund inflows.

The Sensex traded 101.16 points up at 65,777.64 while the Nifty quoted with a gain of 23 points at 19,698.45.

The midcap stocks were faring better than the benchmarks slightly with the Nifty Midcap up 130+ points or 0.33% at the time of publishing.

Among the Sensex firms, Bajaj Finance, Power Grid, Bajaj Finserv, JSW Steel, Titan and Tata Steel were the major laggards.

NTPC, Tata Consultancy Services, Tata Motors and HCL Technologies were among the gainers.

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

The US markets ended with gains on Wednesday.

Global oil benchmark Brent crude declined 0.75% to USD 80.57 a barrel.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday as they bought equities worth Rs 550.19 crore after unabated offloading of shares, according to exchange data.

The Sensex jumped 742.06 points or 1.14% to settle at 65,675.93 on Wednesday. The Nifty climbed 231.90 points or 1.19% to 19,675.45.