Sensex recovers by 97 points after initial losses

The BSE Sensex recovered by 97 points in late morning trade today on fresh buying in IT and tech shares and persistent foreign capital inflows.

Shares of auto sector also firmed up on good buying support.

Wipro rose by 2.81 per cent as its consolidated net profit from continuing operations jumped 27 per cent to Rs 2,010 crore. It recorded a 18 per cent growth in revenue from continuing operations to Rs 11,330 crore in Q3 of December 2013 over Q3 of December 2012.

The BSE-30 share barometer Sensex resumed slightly higher at 21,083.53 and hovered in a range of 21,164.75 and 21,003.13 before quoting at 21,160.38 points at 1030 hours.

It showed a rise of 96.76 points, or 0.46 per cent, from its last close.

The NSE 50-share index Nifty also moved up by 9.55 points, or 0.15 per cent, to 6,271.20 at 1030 hours.

Other major gainers were - Hindalco Industries (1.26 pc), Tata Motors (1.15 pc), TCS (1.14 pc), SBI (0.80 pc) and M&M (0.67 pc).

Asian stocks showed a mixed trend in their early trade after China's economic growth slowed in the fourth quarter as gains in factory output and investment spending eased.

Key benchmark indices in China, Japan, Singapore and Hong Kong were down 0.39-0.72 per cent while those in South Korea and Taiwan rose 0.22-0.42 per cent.

Foreign Institutional Investors (FIIs) invested Rs 75.27 crore last Friday, as per the provisional figures issued by the stock exchanges.