Sensex recovers 116 points on mixed global cues
The BSE Sensex turned positive after opening 42 points lower in the early trade today as fresh buying seen on select counters...
The BSE Sensex turned positive after opening 42 points lower in the early trade today as fresh buying seen on select counters led by oils & gas, realty, auto and IT sectors amid mixed global cues. The 30-share index recovered by 116.29 points, or 0.32 percent, to 35,690.84 in the early session. The gauge had lost 70.85 points in a range-bound trade yesterday. The NSE index Nifty also rose 33.65 points or 0.31 percent to 10,783.40.
According to traders, fresh buying by participants and a mixed trend in overseas gave investors the confidence. Among the major gainers are Tata Motors, Bajaj Auto, RIL, Yes Bank, Hero Motocorp, TCS, Infosys, Axis Bank, ONGC, Kotak Bank, Adani Ports, SBI, Maruti Suzuki, L&T and Bharti Airtel, rising up to 2.87 percent. Barring FMCG, all the sectoral indices were trading in green.
Overseas, Asian stocks were mixed, with investors bracing for developments on the trade front as markets awaited tariffs from the US and China to take effect later today. The US is set to impose a 25 percent tariff on USD 34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties of the same value on US products. Yesterday, the US stocks closed higher overnight following rally in the technology sector.
Meanwhile, the minutes of the US Federal Reserve June policy meeting came out along the lines of market expectations. In Asian regions, Japan's Nikkei was trading higher by 0.67 percent, while Hong Kong's Hang Seng was down 0.30 percent and Shanghai Composite slipped 0.68 percent in early trade today. The US Dow Jones Industrial Average, ended 0.75 percent higher yesterday.