Sensex climbs 204 pts in early trade
Snapping a four-session long losing streak after Satyam fiasco, the BSE Sensex today recovered by over 204 points to 9,275.37 pts on revival of buying by foreign funds, taking cues from firming trends in the other Asian equity markets.business Updated: Jan 14, 2009 12:21 IST
Snapping a four-session long losing streak after Satyam fiasco, the Bombay Stock Exchange benchmark Sensex on Wednesday recovered by over 204 points in early trade on revival of buying by foreign funds, taking cues from firming trends in the other Asian equity markets.
The Sensex moved up by 204.01 points at 9,275.37 in early trade with all the sectoral indices trading in positive zone with gains up to 3.37 per cent.
Similarly, the broader National Stock Exchange Nifty, rose by 47.40 points at 2,792.35.
The 30-share barometer tumbled nearly 1,264.57 points in the last four straight trading sessions.
Stock brokers said sentiments were largely buoyed by gains in other Asian stock markets and a better-than-expected beginning of earnings season after IT bellwether Infosys Technologies came out with impressive third quarter results on Tuesday.
They said covering-up of short positions by speculators and recovery in Indian rupee against the US greenback also supported the stock prices.
Shares of Infosys Technologies continued its upward march journey and gathered another Rs 50.80, or 4.13 per cent at Rs 1,281, Tata Consultancy gained Rs 23.70, or 4.53 per cent at Rs 546.50, while Wipro rose by Rs 4.80, or 1.99 per cent at Rs 245.90.
Other index-related stocks such as Reliance Industries gained Rs 37.10, or 3.43 per cent at Rs 1,118, Reliance Infra up by Rs 15.35, or 3.22 per cent at Rs 491.50, Rcom by Rs 6.15, or 3.66 per cent at Rs 174.15 and State Bank of India by Rs 6.30., or 0.54 per cent at Rs 1,183.50, ICICI Bank by Rs 19.15, or 4.49 per cent at Rs 445.40 and HDFC Bank by rs 28.10, or 2.84 per cent at Rs 1,017.
Meanwhile, Hong Kong's Hang Seng Index gained 1.40 per cent, while Japan's NIkkei move up by 0.89 per cent in early trade today.