Sensex recovers 104 points in late morning deals

Mumbai: The benchmark Sensex recovered 104 points in late morning deals after a weak opening, while the Nifty inched towards the 8400-level following sustained buying seen mainly in metal, basic materials, FMCG, Oil and gas, realty, utilities and energy stocks.

Metal and mining stocks were in demand as copper prices rose in global commodity markets. The market also came to terms with the US President Donald Trump's inauguration speech.

The Sensex opened lower at 26,990.93 and moved in a range of 27,159.68 and 26,963.58.

At 1100 hrs, the 30-share barometer was quoted higher by 103.66 pts, or 0.38 per cent, at 27,138.16 points.

The NSE 50-share Nifty was also up 45.90 points, or 0.55 per cent, at 8,395.25 at 1100 hrs.

Among the major gainers were GAIL 2.97 per cent, Tata Steel 1.69 per cent, ONGC 1.67 per cent, Tata Motors 1.46 per cent, SBIN 1.20 per cent and ITC 0.98 per cent

However, ICICI Bank fell by 2.28 per cent, while Bharti Airtel went down by 0.83 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 26.34 crore last Friday, as per provisional data released by the stock exchanges.

Domestic institutional investors (DIIs) also sold shares worth a net of Rs 175.48 crore on Friday, as per the provisional data.

Overseas, Asian stocks were trading on a mixed note. US stocks finished higher last Friday, after Donald Trump pledged to lead an administration that puts America first.