The benchmark BSE Sensex gained over 100 points in early hours of trade today tracking strong Asian cues supported by a rally in oil prices and easing global trade concerns.
The 30-share barometer rose 147.14 points (0.42 percent) to 34 478.82 with metal, realty, Teck, FMCG, IT and capital goods stocks rising up to 1.81 percent. Earlier the gauge had lost 63.38 points in the previous session.
The broader 50-share Nifty of the National Stock Exchange (NSE) was 42.70 points (0.40 percent) up at 10568.90 in early trade.
Investor’s sentiment was optimistic ahead of quarterly earnings of some key companies, including IT major TCS scheduled to release its results later in the day.
IndusInd Bank gained 0.69 percent to 1857.45 and TCS rose 0.43 percent to Rs 3173 ahead of earnings.
Gainers that supported the up move were Tata Steel, ONGC, Adani Ports, Dr. Reddy’s, ITC, Yes Bank, Asian Paints, L&T, and Reliance Industries rising up to 2.15 percent.
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.
MindTree gained 3.26 percent to Rs 894.50 and ACC rose 1.83 percent to Rs 1602.
However, stocks of oil marketing companies such as BPCL, HPCL, IOC faced selling pressure in view of rising global oil prices. HPCL fell 3.78 percent, BPCL 3.54 percent and IOC shed 2.15 percent.
In other Asian markets, Hong Kong’s Hang Seng rose 1.34 percent, while Japan’s Nikkei gained 0.62 percent. Shanghai Composite Index was up 0.86 percent.
The US Dow Jones Industrial Average, however, ended 0.16 percent lower. However, Nasdaq Composite Index was 0.19 percent high in yesterday’s trade.
Meanwhile, on a net basis, Foreign Portfolio Investors (FPIs) sold shares worth Rs 915.71 crore while Domestic Institutional Investors (DIIs) bought shares worth Rs 869.70 crore on Wednesday, a provisional data showed.