Sensex up over 223 points in early trade

The 30-share index recovered 223.26 points to 20,440.65, with stocks of banking, realty, oil and gas and FMCG sectors leading the recovery




The30-share index, which had lost nearly 674 points in the previous three sessions, recovered 223.26 points, or 1.10%, to 20,440.65.

Mumbai: Snapping its three-day losing streak, the BSE benchmark Sensex recovered over 223 points in early trade on Monday on emergence of buying by funds amid a firming trend in other Asian markets.

The 30-share index, which had lost nearly 674 points in the previous three sessions, recovered 223.26 points, or 1.10%, to 20,440.65, with stocks of banking, realty, oil and gas and FMCG sectors leading the recovery.

The National Stock Exchange Nifty moved up by 68.75 points, or 1.15%, to 6,064.20. Brokers said emergence of buying by funds and retail investors amid a firming trend in other Asian bourses, after US markets hit another record high on Friday, mainly buoyed the trading sentiment here.

Besides, expectations of a drop in import bill after crude oil prices fell in the overseas markets, following a key deal between world powers and Iran on its controversial nuclear programme, also triggered buying activity, they said.

Stocks of state-run oil marketing companies such as Indian Oil rose 1.99% to Rs.204.70. Hindustan Petroleum rose 4.25% to Rs.211 and Bharat Petroleum gained 2.68% to Rs.341.60.

Reliance Industries shares also gained 1.27% to Rs.854.65.

In other Asian markets, Japan’s Nikkei index rose by 1.36%, while Hong Kong’s Hang Seng gained 0.56% in early trade on Monday.

The US Dow Jones Industrial Average surged to yet another high by gaining 0.34% on Friday.

TOUHID HUSSAIN
PGDM 2nd YEAR