Sensex gains 50 pts in early trade | business | Hindustan Times
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Sensex gains 50 pts in early trade

After sliding for three straight sessions, the benchmark Sensex rose by nearly 51 points in opening trade today on covering up of short positions by speculators and selective buying by funds amid recovery in other Asian bourses.

business Updated: Mar 04, 2009 10:31 IST

After sliding for three straight sessions, the benchmark Sensex rose by nearly 51 points in opening trade on Wednesday on covering up of short positions by speculators and selective buying by funds amid recovery in other Asian bourses.

The Bombay Stock Exchange barometer gained 50.99 points to move up to 8,478.28 with the banking, realty and metal sector stocks leading the recovery in opening trade. The 30- share index had lost nearly 465 points in the past three sessions.

The broad-based National Stock Exchange index, Nifty, too moved up by 18.00 points to 2,640.40.

Stock brokers said apart from short-covering by speculators, emergence of buying by funds after reports that Asian stocks were staging recovery towards the middle of the session on Wednesday, helped trading sentiments to improve on the domestic bourses.

Among banking stocks, state-run SBI traded 0.53 per cent higher to Rs 981.05, ICICI Bank by 1.47 per cent to Rs 300.75 and HDFC Bank by 1.20 per cent to Rs 841.

Other gainers which also supported the Sensex are Reliance Infra by 1.71 per cent to Rs 445.15, RCom by 0.86 per cent to Rs 140.10, ACC by 2.06 per cent to Rs 541 and Tata Steel by 1.32 per cent to Rs 157.75. Realty giant DLF Ltd rose 0.98 per cent to Rs 149.75.