Sensex, Nifty rebound after three-day slide on Sun Pharma rally, global cues

Benchmark indices Sensex and Nifty rebounded in early trade on Monday after three days of decline, tracking a rally in Sun Pharma and a positive trend in global equity markets. The 30-share BSE Sensex jumped 546.64 points to 77,210.85 in early trade. The 50-share NSE Nifty climbed 169.55 points to 24,067.50. From the 30-Sensex firms, Sun Pharma climbed over 4 per cent after the company said it will acquire US-based Organon & Co in an all-cash deal at an enterprise valuation of USD 11.75 billion. Adani Ports, Kotak Mahindra Bank, Tata Steel and Mahindra & Mahindra were also among the major gainers.

Axis Bank, Bharat Electronics, Bajaj Finance and Reliance Industries were the laggards from the blue-chip pack. In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading higher. US markets ended mostly higher on Friday. Brent crude, the global oil benchmark, traded 1.18 per cent higher at USD 106.6 per barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,827.87 crore on Friday, according to exchange data. On Friday, the Sensex dropped 999.79 points or 1.29 per cent to settle at 76,664.21. The Nifty slumped 275.10 points or 1.14 per cent to end at 23,897.95.