Sensex Rebounds from Selloff, Nifty Regains 7,600

BSE Sensex and Nifty moved higher today, tracking gains in Asian stocks after Wall Street on Friday rallied on an easing of tensions in Ukraine. However, conflicts in other geopolitical hotspots such as Iraq limited gains in global markets. The Sensex had lost 2.2 per cent in the previous three sessions amid geopolitical tensions. Despite today's bounce-back, market analysts remain cautious. Market analyst Sarvendra Srivastava said Nifty faces resistance at 7630-7650 levels. Imtiyaz Qureshi, co-founder & director of Investeria Financial Services, said today's gains could be a one-day affair unless Nifty manages to close above 7,620 in the session. If Nifty manages to close above 7,620 levels in today's session, it could rally up to 7,800 levels, he added. The gains were broad-based with all BSE sectoral indices in the green. The real estate stocks saw a surge in buying, with the BSE sectoral sub-index rising over 3 per cent, after market regulator Sebi approved the guidelines for Real Estate Investment Trusts (REITs). DLF rose over 3 per cent while Prestige Estate gained over 2 per cent. Among other realty stocks, Phoenix Mills surged nearly 5 per cent and Oberoi Realty 3 per cent. Deven Choksey, MD of KR Choksey Securities, expects Rs 70,000 crore to Rs 100,000 crore of inflows into the real estate sectors from REITs. Besides imposing discipline on real estate players, REITs would also help the rupee, he added. Among other Nifty gainers, M&M, Tata Motors, BPCL and IDFC rose between 2-3 per cent. Wall Street surged on Friday after Russia said it had finished military exercises in southern Russia, which the United States had criticized as a provocative step amid the Ukraine crisis. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7 per cent after shedding 0.9 per cent on Friday. At 9:37 a.m., the Nifty was up 50 points to 7,617 while Sensex rose 181 points to 25,510.97. At its day's high, Sensex rose to 25,550. (With Agency Inputs)

Sensex Rebounds from Selloff, Nifty Regains 7,600

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