Sensex rebounds by 140 pts on value buying
Mumbai : The benchmark BSE Sensex gained 140 points in early trade today mostly driven by a value buying in blue-chip stocks coupled with mixed Asians cues.
Besides, covering-up of short positions by speculators also helped the market’s mood.
The 30-share index recovered by 139.77 points or 0.55 per cent to 25,175.82 points with realty, FMCG, metal IT and consumer durable sector stocks trading back in positive zone.
The gauge has lost 1,133.36 points in the previous six consecutive sessions on persistent withdrawal of funds by foreign funds increasingly worried about a possible delay in the key tax reform GST bill.
Also, the NSE Nifty was trading higher by 39 points or 0.51 per cent at 7,651.50.
Brokers said value-based buying in blue-chips after recent losses coupled with covering of short positions by speculators influenced trading sentiment.
Besides, a mixed trend in other Asian markets too triggered a fresh round of buying activity, they said.
Among other Asian markets, Hong Kong’s Hang Seng was up by 0.02 per cent while Shanghai Composite index rose 0.19 per in early trade today. Japan’s Nikkei shed 1.09 per cent.
The US Dow Jones Industrial Average ended 0.43 per cent lower in yesterday’s trade.