Sensex recovers over 100 points in early trade on value-buying, global cues; Nifty up 50 points; banking stocks rally
Sensex had lost almost 800 points in the previous two sessions as rupee woes and trade war worries spooked investors.
Mumbai: The BSE Sensex rebounded over 100 points in opening trade Wednesday on value-buying in recently battered stocks amid strength in the rupee and positive global cues.
The 30-share BSE index recovered by 142.26 points, or 0.38 percent, to 37,432.93 in opening trade. The index had lost almost 800 points in the previous two sessions as rupee woes and trade war worries spooked investors.
The NSE Nifty was up 50.55 points, or 0.44 percent, at 11,329.45.
Sectoral indices, including metal, healthcare, oil and gas, FMCG, auto, capital goods, realty, and banking were trading in the positive terrain by rising up to 1.06 percent.
The rupee recovered from its record low by rising 28 paise to 72.70 against the dollar at the forex market. The domestic unit had closed at a record low of 72.98 Tuesday.
The top gainers were Coal India, Asian Paint, ONGC, Sun Pharma, Tata Steel, ITC, Tata Motors, L&T, Bharti Airtel, Bajaj Auto, Axis Bank, IndusInd Bank and Kotak Bank rising up to 2.03 percent.
PowerGrid, NTPC, SBI, Wipro, HDFC, ICICI Bank and HUL were among the losers, declining up to 0.96 percent.
Domestic institutional investors (DIIs) made purchases worth a net of Rs 264.66 crore, while foreign portfolio investors (FPIs) continued their selling and offloaded shares worth a net of Rs 1,143.73 crore Tuesday, provisional data showed.
Overseas, most Asian shares were trading higher, tracking higher closing in the US market overnight.
Japan's Nikkei rose 1.52 percent, Shanghai Composite Index was up by 0.97 percent and Hong Kong's Hang Seng gained 1.28 percent.
The US Dow Jones Industrial Average ended 0.71 percent higher Tuesday.
Tata Steel, Bajaj Finserv and SBI were among the top gainers at both the BSE Sensex and NSE Nifty50 whereas Dr Reddy and Axis Bank were among the top losers in both the indices
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After plummeting over 700 points in intra-day trade, the 30-share BSE Sensex clawed back some lost ground to end 135.05 points lower at 52,443.71, while the NSE Nifty slipped 37.05 points to close at 15,709.40
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The top gainers on the BSE were Tech Mahindra, Bajaj Finance, Bharti Airtel, Bajaj Finserv, and Tata Steel, while the top laggards were Hindustan Unilever, Asian Paint, Bajaj Auto, and Mahindra & Mahindra