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Sensex gains 157 pts on low-level buying

Mar 30 2012, 09:58 IST
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SummarySensex lost almost 200 points in past two sessions, recovered by 157.08 points to 17,215.69.

The BSE benchmark Sensex recovered by over 157 points in early trade today on fresh buying by funds and retailers at attractive lower levels.

The 30-share barometer, which had lost almost 200 points in the past two sessions, recovered by 157.08 points, or 0.92 per cent, to 17,215.69.

All the sectoral indices were trading in positive territory with gains of up to 1.56 per cent.

The wide-based National Stock Exchange index Nifty also moved up by 44.65 points, or 0.86 per cent, to 5,223.50. Brokers said emergence of buying by funds and retail investors at existing lower levels amid start of new monthly settlement in the derivatives segment, helped Sensex to trade in the positive zone.

They, however, added that a weakening trend on other Asian bourses restricted buying activity here.

Meanwhile, in Asian region, Hong Kong's Hang Seng index was being quoted 0.87 per cent lower, while Japan's Nikkei shed 0.59 per cent in early trade today.

PRE OPEN:Indian stocks to watch

GLOBAL STOCK MARKETS ROUNDUP

* Asian shares steadied as investors eyed key events, including a meeting of European economic and financial affair ministers starting later on Friday, that could dictate market trends in coming months.

* The Dow managed a slim gain on Thursday while the S&P 500 and the Nasdaq shook off most of their earlier losses to end slightly lower, as investors took advantage of a selloff to buy blue chips that have been rallying throughout the quarter.

KEY EVENTS TO WATCH

* India is expected to announce the April-February fiscal deficit, with analysts saying the government could have overshot its budget target for the full fiscal year during this 11-month period. (3 pm IST)

* The Reserve Bank of India will release the October-December balance of payments, trade balance, current account balance, capital account data (4 pm IST)

* RBI Governor Duvvuri Subbarao to deliver address at the 37th Annual Convocation of IIM Bangalore, three weeks before the central bank's annual monetary policy statement on April 17. (TBC)

INDIAN STOCKS TO WATCH

* India's main stock index was expected to gain 26 percent this year as interest rate cuts bolster growth, but concerns about the government's finances and its political stability remain prominent risks, a Reuters poll showed.

* The Reserve Bank of India will buy up to 100 billion rupees ($1.95 billion) of bonds through open market operations on Friday.

* India's Adani Ports and Special Economic Zone has raised $1.25 billion in non-recourse funding from a group

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