Sensex bounces 321 points in early trade on positive Asian cues; Nifty up; HDFC bank stocks trade higher

Mumbai: The benchmark BSE Sensex on Monday recovered over 321 points in early trade on fresh buying by investors amid a firm trend in Asian markets and better-than-expected earnings from HDFC Bank.

Moreover, the rupee appreciating by another 8 paise to 73.24 against the US dollar and easing crude prices also buoyed sentiments.

Brent crude, the international benchmark, was trading 0.44 percent down at $79.65 a barrel.

The 30-share barometer, which had lost 847 points in the previous two sessions, was trading higher by 321.41 points, or nearly 1 percent, at 34,637.04.

Sectoral indices led by healthcare, bankex, capital goods and auto were trading in the green with gains of up to 0.92 percent.

The NSE Nifty was quoting 49.60 points, or 0.48 percent, higher at 10,353.15.

 Sensex bounces 321 points in early trade on positive Asian cues; Nifty up; HDFC bank stocks trade higher

Representational image. Reuters.

Brokers said the emergence of buying by investors, driven by positive trend at other Asian bourses, and encouraging quarterly earnings from HDFC Bank, influenced trading Sentiments.

Stocks of HDFC Bank was trading higher by 1.36 percent after the private lender posted better-than-expected earnings.

The bank Saturday reported a rise of 20.6 percent in its net profit to Rs 5,005.73 crore for the second quarter ended September this fiscal, as the core income grew at a healthy pace.

Other big gainers were Adani Ports, SBI, ITC Ltd, ICICI Bank, HDFC Ltd, SunPharma, Reliance Industries, IndusInd Bank Vedanta Ltd, Coal India, Hero MotoCorp, Maruti Suzuki, Tata Motors, Tata Steel and Axis Bank, gaining up to 2.28 percent.

Foreign institutional investors (FIIs) sold shares worth Rs 618.26 crore, while DIIs offloaded shares to the tune of Rs 2.14 crore on Friday, as per provisional data.

Shanghai Composite Index climbed 4.09 percent, while Hong Kong's Hang Seng surged 2.85 percent in late morning trade Monday. Japan's Nikkei, however, was down 0.31 percent.

Meanwhile, the US Dow Jones Industrial Average rose 0.26 percent on Friday.

Updated Date: Oct 22, 2018 10:28:04 IST