Markets rebound after two-day fall

Stock markets recovered on Thursday, with the benchmark Sensex closing higher by 238 points on broad-based buying by investors after a heavy correction in the previous session. 

The 30-share BSE Sensex opened higher and jumped 823.05 points, or 1.07%, to hit a high of 77,326.65. The index, however, pared gains due to profit-taking in the last hour and closed at 76,741.82, up by 238.22 points, or 0.31%.

The 50-share NSE Nifty rose by 80.75 points, or 0.34%, to end at 23,962.80. The broader index hit a high of 24,134.70 before giving up some gains at the end of the session. Analysts said caution prevailed in the market as the US and Iran exchanged fire for a second consecutive day.

"Indian equity markets staged a moderate rebound, aided by supportive global cues, though investors remained watchful of the geopolitical developments that had triggered the last trading day's sell-off," Vinod Nair, Head of Research, Geojit Investments Limited, said.

"Indian equities showed resilience today despite global volatility and escalating geopolitical tensions in West Asia. While the near-term market direction may remain mixed, strong domestic fundamentals are expected to support the broader recovery," Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.