Sensex recovers 73 points in early trade, HUL surges 3.7%
The BSE benchmark Sensex recovered by nearly 73 points in early trade today after recent losses on emergence of buying by funds and retail investors at prevailing levels amid strong first quarter earnings announced by Hindustan Unilever.business Updated: Jul 24, 2012 09:46 IST
The BSE benchmark Sensex recovered by nearly 73 points in early trade on Tuesday after recent losses on emergence of buying by funds and retail investors at prevailing levels amid strong first quarter earnings announced by Hindustan Unilever.
Covering-up of short positions by speculators, too, helped stocks to recover part of lost grounds.
The 30-share barometer, which had lost over 401 points in the past two sessions, recovered by 72.77 points, or 0.43%, to 16,950.12 points with all the sectoral indices led by FMCG and oil and gas, were trading in positive zone with gains up to 0.56%.
The wide-based National Stock Exchange index Nifty also moved up by 15.50 points, or 0.30%, to 5,133.45.
Shares of Hindsutan Unilever, country's largest consumer goods maker, surged 3.70% to Rs 459.25.
Brokers said emergence of buying by funds as well as retail investors at existing levels after Hidnustan Uniliver posted over two-fold jump in its net earnings for the quarter ended June 30, 2012 mainly boosted the sentiment.
They said, however, a weak trend in overseas markets on renewed euro zone sovereign debt concerns that Spain was headed for a full state bailout, restricted the gains.
In the Asian region, the Japan's Nikkei fell by 0.20%, while opening on the Hong Kong's Hang stock market delayed due to Typhoon Vicente lashing the city. The US Dow Jones Industrial Average ended 0.79% down in Tuesday's trade.