Sensex rises over 100 pts, Nifty above 10,500

Sensex rises over 100 pts, Nifty above 10,500

The BSE benchmark Sensex rose over 100 points in early trade today tracking strong Asian cues supported by a rally in oil prices and easing global trade concerns.

The 30-share index was trading higher by 147.14 points, or 0.42 per cent, to 34,478.82 with metal, realty, FMGC, Teck, IT and capital goods stocks rising up to 1.81 per cent.

The NSE Nifty was up 42.70 points, or 0.40 per cent, at 10,568.90 in early trade.

Investors sentiment was optimistic ahead of quarterly earnings of some key companies, including IT major TCS which is scheduled to release its results later in the day.

TCS rose 0.43 per cent to Rs 3,173.05 and IndusInd Bank gained 0.69 per cent to Rs 1,857.45 ahead of earnings.

Gainers that supported the upmove were ONGC, Tata Steel, Adani Ports, ITC, Dr Reddy's, Asian Paints, L&T, Yes Bank and Reliance Industries, rising up to 2.15 per cent.

Brokers said buying by investors coupled with a firm trend in other Asian markets influenced sentiment here.

Besides, encouraging earnings posted by ACC and MindTree too supported the uptrend.

ACC rose 1.83 per cent to Rs 1,602 and MindTree gained 3.26 per cent to Rs 894.50.

However, stocks of oil marketing companies such as HPCL, BPCL and IOC faced selling pressure in view of rising global oil prices. HPCL fell 3.78 per cent, BPCL 3.54 per cent, and IOC shed 2.15 per cent.

Among other Asian markets, Japan's Nikkei was up 0.62 per cent and Hong Kong's Hang Seng rose 1.34 per cent in the early deals. Shanghai Composite Index too gained 0.86 per cent. The US Dow Jones Industrial Average, however ended 0.16 per cent lower in yesterday's trade.

Meanwhile, on a net basis, DIIs bought shares worth Rs 869.70 crore, while foreign funds sold shares to the tune of Rs 915.71 crore yesterday, provisional data showed.

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