Sensex rebounds after two days of losses

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Indian markets rebounded after two days of sharp fall with Sensex up over 150 points in early trade. The Nifty was firm above 12,200. Shares of HDFC AMC rose 2% after the asset management company reported a 44.93% jump in profit after tax at ₹352.55 crore in the three months ended December 30, 2019 buoyed by higher total income and lower total expenses.

Shares of Bharti Airtel rose around 1% after the Department of Telecom (DoT) approved raising of foreign direct investment in the telecom operator to 100% from 49%.

Other top gainers in the Sensex pack included Infosys, Sun Pharma, SBI, Maruti Suzuki, HDFC Bank, Bajaj Finance, each up between 0.5% and 1%.

Santosh Meena, senior analyst at TradingBells, said: “For Nifty, 12101 is the immediate support. Below this 12025 will be the next important support level. If Nifty manages to hold 12100-12025 support zone then it may resume its uptrend otherwise it may continue its downward journey towards 11850 level. In the upside 12220-12300 will act as an immediate supply zone.”

The broader markets also saw some buying today. The BSE midcap and smallcap indices were up 0.3% and 0.6% respectively.

Elsewhere, Asian markets, other than China, were mostly higher today. Global equities have been jittery amid a virus outbreak in China. Fears of a bigger outbreak rose after a prominent expert from China’s National Health Commission confirmed Monday that the virus can be passed between people.