The benchmark BSE Sensex recovered over 108 points in early trade today on buying at prevailing lower levels by investors amidst a firming trend at other Asian markets.
The 30-share index, which had lost 475.30 points in previous three sessions, rose by 108.64 points, or 0.38 per cent, to 28,369.72 with all sectoral indices, led by power, healthcare, oil & gas and capital goods, trading in positive zone with gains up to 0.68 per cent.
On similar lines, the National Stock Exchange index Nifty regained the 8,600-mark by gaining 37.45 points, or 0.43 per cent, to 8,608.35 in early trade.
Brokers said emergence of buying by investors after remaining sellers in the past few sessions and a firm trend at other Asian markets, tracking week-end rallies in the US and European markets, influenced the sentiments here.
Bucking the trend, stocks of Jindal Steel and Power plunged nearly 15 per cent to Rs 140.25 after the government cancelled the company’s bids for three coal blocks amid speculations of cartelisation.
Amongst other Asian markets, Japan’s Nikkei rose 1.07 per cent while Hong Kong Hang Seng gained 0.37 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.94 per cent higher in Friday’s trade.
Rupee gains 12 paise against dollar in early trade
The rupee strengthened by 12 paise at 62.34 against the US dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the American currency by exporters.
Forex dealers said besides higher opening in domestic equity market, a weakening dollar against other currencies overseas after the US Federal Reserve dampened expectations for an early interest rate hike, supported the rupee.
The rupee had closed higher by six paise at 62.46 in the previous session on Friday on sustained selling of dollars, wrapping up its best weekly performance in about two months.
The benchmark BSE Sensex recovered by 108.64 points, or 0.38 per cent, at 28,369.72 in early trade today.