Markets rebound on bargain-hunting, shrug off trade war threats

New Delhi: Stock markets opened higher on Wednesday amidst healthy buying in banking auto and FMCG stocks, tracking a positive trend in global markets.

The 30-share index, was trading 109.87 points or 0.31 percent higher at 35,396.61. The NSE Nifty too edged up by 43.20 points, or 0.40 percent, at 10,753.65.

Gainers included Asian Bank, M&M, Vedanta Limited, Bharti Airtel, IndusInd Bank, Bajaj Auto, Reliance, Yes Bank, Maruti, HDFC, Infosys and Tata Steel, rising by up to 1.75 percent.

The BSE Sensex had plunged around 262 points to end at a two-week low of 35,286.74 yesterday.

Asian stocks rebounded from recent losses on Wednesday as investors sought bargains, a day after the spectre of a U.S.-China trade war drove down bond yields, and share and commodity prices.

MSCI`s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent. Japan`s Nikkei gained 0.2 percent, South Korea`s KOSPI rose 0.7 percent, and Australian stocks were 0.8 percent higher.

S&P 500 futures edged slightly higher, rising 0.05 percent after Wall Street`s three major indexes closed lower Tuesday.

Trade tensions between the US and China showed few signs of easing after a White House trade adviser said on Tuesday that China has underestimated the US president`s resolve to impose more tariffs.