Sensex rebounds 163 pts on value buying, economic data

The benchmark BSE Sensex gained nearly 163 points in early trade today, snapping its 6-session losing streak, driven by a value buying in bluechip stocks coupled with positive core sectors output data.

The broader NSE Nifty regained the 8,100-level. The mood also brightened on firming trend at other Asian markets, tracking overnight gains at the US markets.

The 30-share index, which had lost 911.66 points in the previous six straight sessions due to muted Q2 earnings by some bluechip companies and a weak trend overseas, recouped 162.70 points, or 0.61 per cent, at 26,721.85 with all the sectoral indices rising up to 1.36 per cent following across-the-board buying.

Also, the NSE Nifty reclaimed the crucial 8,100-mark by recovering 49.55 points, or 0.61 per cent, at 8,100.35. Brokers said value-based buying in bluechips after recent losses and core sector growth rising to 4-month high of 3.2 per cent in September buoyed trading sentiments.

The growth rate in September was highest since May when it was 4.4 per cent.
Besides, a firming trend at other Asian markets too triggered fresh round of buying by funds, they said.

Among other Asian markets, Hong Kong's Hang Seng was up by 1.41 per cent while Shanghai Composite index rose 0.02 per in early trade today. Japan financial markets are closed today for a national holiday.

The US Dow Jones Industrial Average ended 0.94 per cent higher in yesterday's trade.