Sensex recovers over 200 points in early trade, Nifty up; banking, IT stocks rally despite weak global cues

Mumbai: The benchmark BSE Sensex recovered over 200 points on Tuesday led by gains in banking and IT stocks despite weak global cues.

The 30-share index was trading 169.69 points, or 0.44 percent, higher at 38,770.03.

Similarly, the broader NSE Nifty was up 38.70 points, or 0.33 percent, at 11,636.95.

Top gainers in early session were Vedanta, Coal India, Hero MotoCorp, TCS, SBI, Tata Steel, Axis Bank, PowerGrid, Yes Bank, Tata Motors, HUL, ICICI Bank, HDFC Bank and Infosys, rising up to 1.83 per cent.

On the other hand, IndusInd Bank, ONGC, RIL, Sun Pharma, HCL Tech and Bharti Airtel fell up to 1.92 percent.

In the previous session on Monday, the BSE bourse settled at 38,600.34, down 362.92 points or 0.93 percent. The broader NSE Nifty ended the day at 11,598.25, losing 114 points or 0.97 percent.

According to traders, banking and IT stocks lifted investor sentiment despite choppy cues from other global markets.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 948.98 crore on Monday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 89.89 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a mixed note.

On Wall Street, S&P500 and Nasdaq Composite indices ended in the red on Monday.

On the currency front, the rupee was trading flat at 69.40 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.21 percent lower at USD 71.09 per barrel.