Sensex gains 147 pts on firm global cues at 34,598, Nifty reclaims 10,600; bank, FMCG, auto stocks major gainers

Mumbai: The benchmark BSE Sensex rose 147 points and Nifty reclaimed 10,600 mark in early trade today on sustained buying by domestic institutional investors amid firm Asian cues. Encouraging earnings by blue-chip company also added to the uptrend. The 30-share index rose 147.25 points, or 0.42 percent, to 34,598.02. The gauge had gained 35.19 points in the previous session. The NSE Nifty was up 23.90 points, or 0.22 percent, to 10,608.60. Major gainers were Yes Bank, ICICI Bank, M&M, HUL, Axis Bank, ITC, RIL, Adani Ports, Maruti Suzuki, Dr Reddy’s, ONGC, Sun Pharma and Bajaj Auto, rising up to 2 percent. Brokers said sustained buying by domestic institutional investors, firm trend other Asian bourses and encouraging earnings by some blue chips company boosted the sentiment here. [caption id=“attachment_4428589” align=“alignleft” width=“380”]  Stock brokers at the bourses . Reuters image.[/caption] Sectoral indices, led by realty, FMCG, auto, bankex and consumer durables, were trading in the positive zone with gains of up to 0.93 percent. On the other hand, shares of Bharti Airtel fell 0.94 percent and IDFC Bank dropped 0.10 percent, ahead of their Q4 results scheduled to be announced today. Metal stocks cracked as aluminium prices continued to fall after the US softened its stance on sanctions against Russian metals giant United Company Rusal, leading to a record plunge in aluminum prices. Nalco, Hindalco, Vedanta and Jindal Steel were among the top losers in the BSE metal index, diving by up to 8 percent. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 387.26 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 259.08 crore yesterday, per provisional data showed. Among other Asian markets, Japan’s Nikkei was up 0.67 percent, while Hong Kong’s Hang Seng index rose 1.20 percent in early trade. Shanghai Composite Index gained 1.95 percent. US stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports. The yield on the 10-year Treasury note climbed, settling just below the 3 percent level. The US Dow Jones Industrial Average ended 0.06 per cent down in yesterday’s trade.