Sensex rises over 100 points, 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 %, to 34,478.82 with metal, realty, FMGC, Teck, IT and capital goods stocks rising up to 1.81 %.

The gauge had shed 63.38 points in the previous session.

The NSE Nifty was up 42.70 points, or 0.40 %, 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 % to ₹ 3,173.05 and IndusInd Bank gained 0.69 % to ₹ 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 %.

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 % to ₹1,602 and MindTree gained 3.26 % to 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 %, BPCL 3.54 %, and IOC shed 2.15 %.

Among other Asian markets, Japan’s Nikkei was up 0.62 % and Hong Kong’s Hang Seng rose 1.34 % in the early deals. Shanghai Composite Index too gained 0.86 %.

The US Dow Jones Industrial Average, however ended 0.16 % lower in yesterday’s trade.

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

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)