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BSE Sensex recovers over 86 points, Nifty up by 34 points in early trade

Feb 06 2013, 10:06 IST
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The 30-share barometer gained 86.74 points, or 0.44 per cent, to 19,746.56. (Reuters) The 30-share barometer gained 86.74 points, or 0.44 per cent, to 19,746.56. (Reuters)
SummaryThe 30-share barometer gained 86.74 points, or 0.44 per cent, to 19,746.56.

The BSE benchmark Sensex recovered by over 86 points in early trade today on emergence of buying by funds and retailers amid a firming Asian trend.

Snapping its four-session losing streak, the 30-share barometer gained 86.74 points, or 0.44 per cent, to 19,746.56.

The index had lost almost 345 points in the previous four sessions.

All sectoral indices trading in the positive zone with a gain up to 0.80 per cent.

Similarly, the wide-based National Stock Exchange index

Nifty moved up by 34.00 points, or 0.57 per cent, to 5,990.90.

Brokers said fresh buying by funds and retailers driven by a firming trend in the Asian region following overnight gains on the US markets helped trading sentiment to improve.

Meanwhile in Asia, Hong Kong's Hang Seng index rose by

048 per cent, while Japan's Nikkei up by 3.11 per cent in

the early trade. The US Dow Jones Industrial Average ended

0.71 per cent higher in yesterday's trade.

* Asian shares recovered on Wednesday as solid euro zone data calmed nerves jarred by potential political turmoil derailing the region's efforts to resolve its debt crisis, while the prospect of a dovish new governor for the Bank of Japan weakened the yen.

* The yen resumed its decline on Wednesday as investors piled back into the easy one-way trade as the market bet that a more dovish Bank of Japan governor will soon be installed to push through aggressive easing measures.

* Brent crude rose on Tuesday, hitting a 20-week high as positive economic data and strong corporate earnings reports lifted Wall Street stocks and other financial markets.

* US Treasuries prices fell on Tuesday as a rebound in Wall Street stocks and data on European business activity that indicated improvement in the region's economy cut the appetite for safe-haven government debt, pushing benchmark yields back above 2 percent.

* India Finance Minister at event. (1200GMT)

* India central bank officials in Guwahati for board meet.

OVERNIGHT NEWS

* Housing Development Finance Corporation (HDFC), India's biggest housing finance company, will reduce its prime lending rate by 10 basis points starting Feb. 6, it said on Tuesday.

MAJOR DEALS/ACQUISITIONS

* The Indian government expects to raise around 120 billion rupees ($2.25 billion) by selling a 9.5 percent stake in state power utility NTPC Ltd in a share auction on Feb. 7, Disinvestment Secretary Ravi Mathur said.

* GlaxoSmithKline Plc has lifted its stake in its publicly-listed Indian consumer healthcare subsidiary to 72.5 percent from 43.2 percent, deepening its footprint in emerging markets

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