Sensex, Nifty rebound after last week's slump led by rally in IT stocks

The S&P BSE Sensex was up 239.85 points to 81,928.30, while the NSE Nifty50 added 60.40 points to 25,075.00.

Benchmark stock market indices opened on a positive note Monday, driven by a surge in IT stocks following robust US jobs data, which helped reduce recession fears.

The S&P BSE Sensex was up 239.85 points to 81,928.30, while the NSE Nifty50 added 60.40 points to 25,075.00 as of 9:35 AM.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said that globally stock markets have been resilient despite the escalating tensions in the Middle East. A big positive for equity markets is the strong US economy where the September non-farm job numbers have come surprisingly robust at 2.54 lakhs. The combination of a strong economy and declining inflation in the mother market of the US is a big positive.

The indices had faced a sharp decline of 4.5% last week, marking their worst performance in over two years due to escalating concerns about the Middle East conflict and increasing foreign outflows.

However, Friday's strong US labour market data helped ease recession fears, bolstering market sentiment.