Sensex gains 126 pts to 25,227, Nifty up 30 pts at 7,736 in early trade
BSE Sensex snapped its three-day losing spell on the back of value buying by retain investors.Updated: May 05, 2016 11:05 IST
The benchmark BSE Sensex defied an overall weakness across global markets to surge and recover about 126 points in Thursday’s early trade, snapping its 3-session losing spell, mainly on the back of value-buying by retail investors in recently beaten-down stocks.
The 30-share barometer was up 125.76 points, or 0.50%, at 25,227.49, with sectoral indices in healthcare, capital goods, auto, banking, FMCG, power and IT leading the recovery, rising by up to 0.92%.
The Sensex had lost 505 points in the previous three sessions.
Sun Pharma, Tata Motors, HDFC, Lupin, ONGC, NTPC, Dr Reddy’s, Hero MotoCorp, ICICI Bank, RIL, SBI and Hindustan Unilever played a big role in adding muscle to the build-up.
The NSE Nifty too quoted 30.20 points, or 0.39%, higher at 7,736.75.
Brokers said value-buying in select blue-chip stocks by retail investors and funds made mood turn for the better.
However, weakness in rest of Asia, which saw more losses following another round of sell-off in New York and Europe hit by global growth concerns, restricted the upmove here.
Hong Kong’s Hang Seng fell 0.45% while Shanghai Composite edged lower 0.32%in early hours on Thursday. Japanese financial markets are shut on Thursday for a public holiday.
The US Dow Jones Industrial Average ended 0.56 per cent lower on Wednesday.