Sensex recoups 153 points on positive global cues, IT stocks gain

The BSE Sensex was trading at 34,400.05 at 10 am on Thursday, gaining 55.14 points or 0.16%. The NSE Nifty also moved up 6.75 points or 0.06% to 10,437.10.

The BSE Sensex rebounded about 153 points in opening trade on Thursday, on fresh buying in IT, teck, capital goods and healthcare counters amid mixed overseas cues.

Buying by domestic institutional investors and strengthening rupee also supported the recovery, brokers said.

Asian stocks traded mixed amid caution over US-China trade relations. US stocks closed higher on Wednesday after minutes from the Federal Reserve’s meeting reassured investors that the central bank will not be too aggressive with raising interest rates.

The BSE Sensex was trading at 34,400.05 at 10 am on Thursday, gaining 55.14 points or 0.16%, with sectoral indices IT and teck advancing by up to 1.51%. The NSE Nifty also moved up 6.75 points or 0.06% to 10,437.10.

The BSE gauge had lost 306.33 points in the previous session.

Major gainers were Infosys, Tata Steel, TCS, HDFC Ltd, NTPC, Axis Bank, Kotak Bank and Mahindra & Mahindra, gaining up to 2.03%.

State-run lender SBI also extended its gaining streak for the third straight session, inching up 0.32% to Rs 264.05.

However, Tata Motors plunged 4.41% after the company on Wednesday reported a 49.82% decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to one time impairment charge.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 789.78 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 311.11 crore on Wednesday, as per provisional data.

Elsewhere in Asia, Hong Kong’s Hang Seng rose 0.32% while Shanghai Composite index was up 0.04% in early trade. However, Japan’s Nikkei fell 1.10%.

The Dow Jones Industrial Average ended 0.21% higher in Wedensday’strade but geopolitical and trade concerns continued to dent investor sentiment.