Sensex bounces back, gains 106 points

The benchmark index stages a strong comeback to quote over 106 points higher at 14,362.58.

The Bombay Stock Exchange benchmark Sensex, which opened nearly 80 points down, staged strong comeback to quote over 106 points higher at 11:30 am on Thursday on pick-up in buying in heavy-weight counters along with short-covering by speculators.

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The Sensex after dipping to 14,176.42 points in early trade, bounced back to quote 106.65 points higher at 14,362.58 on the back of strong recovery in oil and gas, capital goods, banking, metals and IT sector stocks.

Similarly, the wide-based National Stock Exchange's Nifty was up by 31.80 points at 4,230.05 points.

Market observers said apart from fresh buying by funds, covering-up of short positions by speculators was another factor behind recovery in stock prices.