Markets bounce back after weak beginning

Benchmark equity indices began the day on a bearish note on Wednesday tracking weak Asian markets and fresh foreign fund outflows, but later recovered all the lost ground to trade in the green on buying in Reliance Industries.

Investors are eyeing the two important events lined up ahead — the interim budget and the US Fed interest rate decision — to derive further cues from.

The 30-share BSE Sensex declined 243.07 points to 70,896.83 in early deals. The Nifty also slipped 73.25 points to 21,448.85.

However, later both the benchmark equity indices recovered the early lost ground and were trading in the green. The Sensex quoted 146.33 points up at 71,286.23, and the Nifty traded higher by 58.25 points to 21,580.35.

Among the Sensex firms, Larsen & Toubro declined 5 per cent after its December quarter earnings.

Titan, Kotak Mahindra Bank, ICICI Bank, Infosys, Axis Bank and State Bank of India were among the other laggards.

Tata Motors, Reliance Industries, Tata Steel and Bajaj Finserv were among the gainers.

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