Sensex rebounds 176 pts ahead of credit policy
The BSE benchmark Sensex recovered by over 176 points in opening trade today on revival of buying by foreign funds ahead of credit policy, slated to be announced by the Reserve Bank of India around noon.business Updated: Jan 27, 2009 10:43 IST
The Bombay Stock Exchange benchmark Sensex recovered by over 176 points in opening trade on Tuesday on revival of buying by foreign funds ahead of credit policy, slated to be announced by the Reserve Bank of India around noon.
Encouraging third quarter earnings announced by the country's top lender, State Bank of India, and ICICI Bank also influenced the trading sentiment, traders said.
The Sensex, which had lost 139.49 points in the previous session, moved up by 176.86 points, or 2.2 per cent to 8,851.21 in opening trade with the IT, banking, realty and metal sector indices leading the recovery.
Similarly, the broader National Stock Exchange Nifty, rose by 57.25 points to 2,735.80 in opening trade.
Stock brokers said sentiments turned somewhat better on emergence of buying by funds as well as retail investors largely on hopes that the RBI may announce further rate cut in its credit policy.
They said encouraging third quarter results by some banks and overnight gains on the US markets and firming trends at Japan's Nikkei which rose by 4.21 per cent in early trade today also influenced the trading sentiment.
Stocks of SBI gained Rs 40.25, or 3.86 per cent at Rs 1,082 after the bank posted nearly 37 per cent growth in earnings, while ICICI Bank moved up by Rs 2.45, or 0.67 per cent at Rs 366.75.
Besides, Reliance Industries gained Rs 30.15, or 2.61 per cent at Rs 1,183.30, Infosys Technologies Rs 39.75, or 3.30 per cent at Rs 1,243.70, Tata Steel by Rs 6.95, or 4.18 per cent at Rs 173.30, Tata Consultancy Services by Rs 15.55, or 3.20 per cent at Rs 501.25 and HDFC Bank by Rs 23, or 2.64 per cent at Rs 895.35.