Sensex recovers over 100 points on value-buying, global cues

Mumbai: The BSE Sensex rebounded over 100 points in opening trade on Wednesday on value-buying in recently battered stocks amid strength in the rupee and positive global cues.

The 30-share BSE index recovered by 142.26 points, or 0.38 per cent, to 37,432.93 in opening trade. The index had lost almost 800 points in the previous two sessions as rupee woes and trade war worries spooked investors.

The NSE Nifty was up 50.55 points, or 0.44 per cent, at 11,329.45.

Sectoral indices, including metal, healthcare, oil and gas, FMCG, auto, capital goods, realty, and banking were trading in the positive terrain by rising up to 1.06 per cent.

The rupee recovered from its record low by rising 28 paise to 72.70 against the dollar at the forex market.

The domestic unit had closed at record low of 72.98 Tuesday. The top gainers were Coal India, Asian Paint, ONGC, Sun Pharma, Tata Steel, ITC, Tata Motors, L&T, Bharti Airtel, Bajaj Auto, Axis Bank, IndusInd Bank and Kotak Bank rising up to 2.03 per cent.

While, PowerGrid, NTPC, SBI, Wipro, HDFC, ICICI Bank and HUL were among the losers, declining up to 0.96 per cent.

Domestic institutional investors (DIIs) made purchases worth a net of Rs 264.66 crore, while foreign portfolio investors (FPIs) continued their selling and offloaded shares worth a net of Rs 1,143.73 crore Tuesday, provisional data showed.

Overseas, most Asian shares were trading higher, tracking higher closing in the US market overnight. Japan's Nikkei rose 1.52 per cent, Shanghai Composite Index was up by 0.97 per cent and Hong Kong's Hang Seng gained 1.28 per cent.

The US Dow Jones Industrial Average ended 0.71 per cent higher on Tuesday.