Sensex surges over 100 points in early trade amid firm trend in overseas markets
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The market benchmark BSE Sensex surged over 100 points to 24,907.31 in early trade on Monday on widespread gains as investors widened their bets amid a firming trend in other Asian markets.
However, caution prevailed in view of muted factory output data, which was released on Friday and inflation data, slated for later in the day.
At 0946 hours, the 30-share index, which gained 94.65 points on Friday, was trading up 189.32 points slightly lower than its morning level or 0.77% to 24,907.31 on the stock exchange. In the early morning trade, the Sensex added 232.32 points or 0.94% to 24,950.31 with banking, realty and auto sector indices leading the rally.
On similar lines, at 0947 hours, the NSE Nifty was trading up 54.55 points slightly lower than its morning level or 0.73% to 7,564.75. In the early morning trade, the index had climbed 68.95 points or 0.92% to 7,579.15 on the stock exchange.
Brokers said a flurry of buying by investors in blue-chips supported by sustained foreign fund inflows and a firming trend in other Asian markets, tracking weekend gains at the US markets, mainly influenced the sentiment.
Meanwhile, the industrial production declined for the third month in a row, contracting by 1.5% in January due to a poor performance of manufacturing sector and lower offtake of capital goods.
Among other Asian markets, Hong Kong's Hang Seng was trading higher by 1.35%, while Nikkei surged by 2.08% in early trade. Shanghai's Composite Index was quoting 2.79% higher.
The US Dow Jones Industrial Average ended 1.28% higher on Friday.
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