Sensex Rebounds 274 Points, Nifty Above 10,200-Mark
Snapping their six-day losing streak, stocks staged a strong comeback in early trade today, with the BSE Sensex rebounding by 274 points and the Nifty recapturing the 10,200-mark on fresh buying by domestic institutional investors.
Asian markets were also trading in the green, boosted by easing fears of a global trade war as the White House signalled it would water down plans for contentious metal tariffs.
The 30-share Sensex rose by 273.75 points, or 0.82 per cent, to 33,306.84 in early trade. The gauge had lost 1,412.66 points in the previous six sessions.
All the sectoral indices, led by realty, teck, IT, consumer durables and metal, were trading in the green with gains of up to 1.32 per cent.
The broad-based NSE Nifty went up by 80.65 points or 0.79 per cent to 10.234.85.
Major gainers that supported the recovery were ICICI Bank, HDFC Ltd, Bharti Airtel, Infosys, Tata Steel, RIL, Dr Reddy's, Axis Bank, ITC, Sun Pharma, Adani Ports, HUL, SBI, L&T and Maruti Suzuki, rising up to 2.11 per cent.
Brokers said buying by domestic institutional investors amid a firm trend at other Asian bourses led the markets higher.
Domestic institutional investors bought shares worth a net Rs 409.34 crore, while foreign portfolio investors sold shares worth a net Rs 719.78 crore yesterday, provisional data showed.
In the Asian region, Hong Kong's Hang Seng was up 1.41 per cent, Japan's Nikkei rose 0.75 per cent and Shanghai Composite Index was up by 0.29 per cent in early trade. The US Dow Jones Industrial Average, however, ended 0.33 per cent lower in yesterday's trade.