Markets rebound as oil prices cool off

Sensex rallies 346 points, while Nifty gains 97 points

The benchmark Sensex and Nifty indices rebounded on Thursday from their longest losing streak in four weeks as investors judged the selloff as excessive amid softening global oil prices. 

The BSE Sensex rose 1.1 per cent, or 346 points, to close at 33,106.82. The index had shed 1.7 per cent over the previous three sessions. The NSE Nifty 50 gained 97 points, or 1 per cent, to close at 10,215, above its 50-day moving average. Brent crude prices, after nearly $65 a barrel level, have retreated and are currently trading around $61 a barrel.

Reliance Industries, which derives the bulk of its