Sensex pares initial gains, up by 24 pts
The Bombay Stock Exchange benchmark Sensex saw initial gains pared by volatility, but remained in positive terrain and was trading 24 points higher at 1015 hours today on the back of positive economic data from the US and a weak rupee.business Updated: Sep 08, 2011 14:28 IST
The Bombay Stock Exchange benchmark Sensex saw initial gains pared by volatility, but remained in positive terrain and was trading 24 points higher at 1015 hours on Thursday on the back of positive economic data from the US and a weak rupee.
Shares of IT, healthcare, power, realty and auto stock mainly helped the Sensex trade above its previous close in the morning.
The 30-share BSE index opened higher at 17,118.08 and hovered in a range between 17,125.84 and 16.987.37 before quoting at 17,089.18 at 1015 hours, translating into a net gain of 24.18 points, or 0.14%, vis-a-vis its last close.
The NSE's 50-share Nifty index also moved up by 14.80 points, or 0.29%, at 5,139.45 at 1015 hours.
Software stocks gained on positive economic data from the US, besides a fall in the rupee to its lowest level in a year, boosting their revenue outlook in rupee terms from deal transactions in US dollars. The US is the biggest market for Indian IT firms.
India's third largest software services exporter Wipro gained 3.75% in early trade today. The other gainers were Infosys (up 2.44%), TCS (2.08%), Sun Pharma (2.03%) and Cipla (1.73%).
Asian stocks were mixed in early trade today, ahead of key policy statements out of the US and Europe.
The key benchmark indices in Taiwan, Japan, and Indonesia were up by between 0.08% and 0.29%, while the indices in China, South Korea, Hong Kong and Singapore fell by between 0.03% and 0.77%.