Sensex jumps 293 points in early session; gives up gains in choppy trade

Benchmark indices bounced back in early trade on Tuesday after facing heavy drubbing in the previous session, with Sensex jumping 293.15 points.

Sensex was trading 293.15 points higher at 57,459.89 points while the Nifty was up 102 points at 17,275.65 points.

However, as the session progressed, both the benchmark indices gave up the early gains in choppy trade. Sensex declined 44.03 points to 57,122.71 points at 09:44 hours while Nifty traded lower by 12.05 points at 17,161.60 points.

Investors seemed to be awaiting firm cues amid concerns over rising inflation and foreign fund flows in the wake of uncertain geopolitical situation.

From the 30-share Sensex pack, Tata Steel, M&M, State Bank of India, Maruti, ICICI Bank, Reliance Industries and Bajaj Finance were among the early gainers.

In contrast, HDFC, Infosys, HDFC Bank and HCL Technologies were among the major laggards.

The benchmark index tanked 1,172.19 points or 2.01 per cent to settle at 57,166.74 points on Monday. The broader NSE Nifty plunged 302 points or 1.73 per cent to finish at 17,173.65 points.

In Asia, markets in Seoul, Shanghai and Tokyo were trading higher in mid-session deals, while Hong Kong traded lower. Stocks in the US had ended marginally lower on Monday.

International oil benchmark Brent crude gained 0.46 per cent to USD 113.68 per barrel.

Foreign institutional investors continued to offload shares worth ₹6,387.45 crore on Monday, according to exchange data.