Sensex gains 96 pts in early trade on short covering
The benchmark Sensex rose by over 96 points in the opening trade after sliding for three straight sessions, on covering up short positions by speculators and selective buying by funds.business Updated: Feb 19, 2009 11:09 IST
The benchmark Sensex rose by over 96 points in the opening trade on Thursday after sliding for three straight sessions, on covering up short positions by speculators and selective buying by funds.
The Bombay Stock Exchange barometer gained 96.77 points to 9,111.95 with the banking, realty and metal sector stocks leading the recovery in early trade. The 30-share index had lost nearly 620 points in the previous three sessions.
The broad-based National Stock Exchange Nifty gained 26.00 points to 2,802.15.
Stockbrokers said apart from short covering by speculators, emergence of buying by
funds as well as retail investors at prevailing prices, helped sentiments to improve to some extent.
They said banking stocks were in some demand on expectations of a cut in interest rates by the central bank.
Among banking stocks, state-run SBI traded 1.61 per cent higher to Rs 1,088.05, ICICI Bank by 2.27 per cent to Rs 377.75, HDFC Bank by 1.02 per cent to Rs 885.50.
Other gainers, which also supported the Sensex, were Reliance Industries by 0.82 per cent to Rs 1,305.40, Tata Steel by 2.37 per cent to Rs 175.10, Sterlite Industries by 1.85 per cent to Rs 259.10, Larsen and Toubro by 1.06 per cent to Rs 661 and Infosys by 0.52 per cent to Rs 1,184.90.
Stocks of realty giant, DLF Ltd, were up 1.20 per cent to Rs 160.60.