MUMBAI : The benchmark BSE sensex recovered from 20-month low by rising over 126 points in early trade today, mainly driven by value-buying in recently battered blue-chip stocks amid firm Asian cues.
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Besides, covering-up of short positions by speculators also supported the recovery.
The 30-share index was trading higher by 126.72 points, or 0.52%, at 24,315.09 on the back of recovery in the stocks of power, banking, IT and healthcare companies.
The gauge has lost almost 666 points in the previous three straight sessions following a massive dip in exports and weak global cues after crude slipped below USD 28 a barrel.
Also, the NSE Nifty rose by 42.50 points, or 0.57%, to trade at 7,393.50.Brokers said value-based buying in blue-chips after recent losses and covering of short positions by speculators helped markets' mood to improve.
Shares of Reliance Industries were trading higher by 0.22% at Rs 1,020.25 ahead of its quarterly earnings, to be released later in the day.Besides, a firming trend at other Asian markets ahead of the release of Chinese economic growth data for 2015 triggered a fresh round of buying activity, they said.
Among other Asian markets, Hong Kong's Hang Seng was up by 0.24% while Japan's Nikkei up 0.09% in early trade today. Shanghai Composite index marginally was up by 0.02%.
US markets remained closed yesterday for the Martin Luther King Day national holiday.
www.sevagiri.com
Besides, covering-up of short positions by speculators also supported the recovery.
The 30-share index was trading higher by 126.72 points, or 0.52%, at 24,315.09 on the back of recovery in the stocks of power, banking, IT and healthcare companies.
The gauge has lost almost 666 points in the previous three straight sessions following a massive dip in exports and weak global cues after crude slipped below USD 28 a barrel.
Also, the NSE Nifty rose by 42.50 points, or 0.57%, to trade at 7,393.50.Brokers said value-based buying in blue-chips after recent losses and covering of short positions by speculators helped markets' mood to improve.
Shares of Reliance Industries were trading higher by 0.22% at Rs 1,020.25 ahead of its quarterly earnings, to be released later in the day.Besides, a firming trend at other Asian markets ahead of the release of Chinese economic growth data for 2015 triggered a fresh round of buying activity, they said.
Among other Asian markets, Hong Kong's Hang Seng was up by 0.24% while Japan's Nikkei up 0.09% in early trade today. Shanghai Composite index marginally was up by 0.02%.
US markets remained closed yesterday for the Martin Luther King Day national holiday.
Source - TOI
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