Photo: NDTV file photo
Mumbai, India (BBN) – The domestic benchmark indices recovered smartly in early trade today on fresh buying by investors amid better-than-expected earnings.
Speculators covering up their short positions ahead of the May derivatives contract expiry tomorrow added to the upward move, reports The Hindu Business Line.
The BSE 30-share barometer rebounded by 133 points to hit a high of 30,498.
The gauge had lost 205.72 points in the previous session after investors booked profits amid volatile global cues in the aftermath of a terror attack in the UK.
At about 10 am, the Sensex was up 90.43 points or 0.30 per cent at 30,455.68. The NSE Nifty was at 9,401.35, up 15.20 points or 0.16 per cent.
On the Nifty 50, 27 stocks declined to 23 that advanced.
The top five Nifty gainers: Tata Motors DVR (+3.77%), Tata Motors (+3.47%), YES Bank (+1.67%), Adani Ports (+1.25%) and HDFC (+1.18%).
Top five decliners on the Nifty: Bank of Baroda (-1.98%), HCL Tech (-1.57%), Asian Paints (-1.31%), Infratel (-1.28%) and Dr Reddy’s (-1.26%).
Nifty PSU Bank index was down 0.94 per cent with all the index constituents in the red. Nifty Auto was up 0.71 per cent.
Traders said fresh spell of buying by retail investors and domestic institutions coupled with covering—up of outstanding short positions ahead of the May derivatives expiry helped recover the market.
In Asian trade, Japan’s Nikkei was up 0.48 per cent while Shanghai Composite shed 0.45 per cent in early trade today.
Hong Kong’s Hang Seng fell 0.04 per cent.
The US Dow Jones Industrial Average ended higher by 0.21 per cent yesterday.
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