Mumbai: Stocks staged a strong comeback in
early trade with the BSE Sensex gaining over 260 points and
the Nifty recaputuring the 10,500-level on continued buying by
domestic funds ahead of inflation data to be released after
market hours today.
Asian markets were also trading in the green after a
late-day rally on Wall Street on Friday.
The 30-share Sensex recovered by 260.12 points, or 0.76
per cent, to 34,265.88 in opening trade. The index had lost
407.40 points or 1.18 per cent to settle at one month low of
34,005.76 on Friday.
All the sectoral indices led by metal, realty and
infrastructure were trading in the green with gains up to 1.44
per cent.
The broad-based NSE Nifty went up by 81.65 points or 0.78
per cent to 10,536.60.
Major gainers were ONGC, Tata Steel, Sun Pharma, Bharti
Airtel, Adani Ports, L&T, HeromotoCorp and Axis Bank.
Larsen and Toubro rose by 1 per cent after it announced a
Rs 2,200 crore order win by its wholly-owned arm L&T
Hydrocarbon Engineering from Abu Dhabi-based Al Dhafra
Petroleum Operations Company Limited.
SBI, however, dropped 2.85 per cent following poor
quarterly results. The PSU lender on Friday posted a net loss
of Rs 1,886.57 crore after a massive under-reporting of dud
assets in the past fiscal and reverses in treasury operations.
Brokers said sustained buying by domestic institutional
investors amid a firm trend at other Asian bourses improved
the market sentiment.
Domestic institutional investors bought shares worth a
net Rs 588.42 crore while foreign portfolio investors sold
shares worth a net Rs 1351.70 crore on Friday, provisional
data showed.
In the Asian region, Hong Kong's Hang Seng was up 0.64
per cent and Shanghai Composite Index by 0.39 per cent in
early trade. The US Dow Jones Industrial Average ended 1.38
per cent higher on Friday.
PTI
