Sensex rebounds 142 pts in opening trade
Snapping a two-session losing streak, the BE benchmark Sensex today recovered by over 142 points in opening trade on revival of buying by foreign funds, taking cues from firming trends in global equity markets.business Updated: Jan 22, 2009 10:50 IST
Snapping a two-session losing streak, the Bombay Stock Exchange benchmark Sensex on Thursday recovered by over 142 points in opening trade on revival of buying by foreign funds, taking cues from firming trends in global equity markets.
Encouraging third quarter earnings announced by Bharti Airtel also influenced the trading sentiment. The company on Thursday reported a net profit of 38.34 per cent at Rs 1,976.41 crore.
The Sensex, which had tumbled nearly 550 points in the past two sessions, moved up by 142.40 points to 8,921.57 in opening trade with banking, realty and metal sector indices leading the recovery.
Similarly, the broader National Stock Exchange Nifty, rose by 38.70 points at 2,744.85.
Stock brokers said sentiments were largely buoyed by overnight gains on the US markets and firming trends in other Asian stock markets.
They said investors, however, were cautious ahead of quarter earnings to be announced by the country's most valuable listed company, Reliance Industries.
Stocks of Bharti Airtel shot up by Rs 21.19, or 3.50 per cent at Rs 604.70 after company's earnings for the third quarter rose 38 per cent at Rs 1,976.41 crore. Over 1.53 lakh shares changed hands in opening trade on the BSE.
Heavy-weights Reliance Industries gained Rs 19.30, or 1.72 per cent at Rs 1138.70, Reliance Infra by Rs 14.70, or 2.77 per cent at Rs 534.80 and Rcom by Rs 3.15, or 1.85 per cent at Rs 173.20.