Sensex up 26 pts, Nifty rise 10 pts

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Sensex, having lost 162.26 points in previous session, recovered by 26.55 points, to 18,657.65.  (Reuters) Sensex, having lost 162.26 points in previous session, recovered by 26.55 points, to 18,657.65. (Reuters)
SummarySensex, having lost 162.26 points in previous session, recovered by 26.55 points, to 18,657.65.

The BSE benchmark Sensex gained over 26 points in early trade today after yesterday's losses on emergence of buying by funds and retailers.

The 30-share barometer, which had lost 162.26 points in the previous session, recovered by 26.55 points, or 0.14 per cent, to 18,657.65 in the first five minutes of trade.

Stocks of realty, oil and gas, and metal led the recovery.

Similarly, the wide-based National Stock Exchange index Nifty was up 10.05 points, or 0.18 per cent, at 5,662.20.

Brokers said fresh buying by funds and retail investors at existing lower levels mainly influenced the trading sentiment.

GLOBAL MARKETS ROUNDUP

Nifty futures on the Singapore Exchange rose 0.25 percent.

The MSCI-Asia Pacific index excluding Japan fell 0.22 percent.

The S&P 500 fell for a fourth day on Wednesday, weighed down by disappointing news from Chevron and Alcoa as earnings season got under way.

Asian shares tracked Wall Street lower on Thursday as weak forecasts from U.S. corporate bellwethers underscored concern over global demand, particularly from China.

FACTORS TO WATCH

World Steel Association, a group representing global steel producers, holds a 2-day annual conference in New Delhi.

The Reserve Bank of India Deputy Governor Anand Sinha will speak on macro prudential policy tools and frameworks at an event organised by the Financial Stability Institute.

India's telecoms minister will attend a event organised by the mobile tower industry in New Delhi.

INDIAN STOCKS TO WATCH

ENERGY/COMMODITIES

Coal and power ministry officials agreed on the terms of the newly drafted fuel- supply agreements (FSAs) resolving a contentious issue between the two ministries that saw some power companies refusing to sign them, a senior official said.

Tata Steel's Europe unit will receive the first iron ore shipment from its Benga project in Mozambique by end-October, a top official said, a first step towards addressing the cost volatility affecting its European operations.

Bondholders in India's Suzlon Energy, the world's fifth-largest maker of wind turbines, have rejected a proposal by the company to extend by four months the redemption of two tranches of bonds due on Thursday totaling $220.8 million.

India is considering raising duties on white sugar imports but is unlikely to tinker with the existing rate on raw imports, two government sources said on Wednesday, hoping to protect domestic millers from cheap competition.

India's Oil Ministry has cancelled permits to lay four gas pipelines held by Reliance Gas Transportation Infrastructure, part of Reliance Industries.

FINANCIAL/REGULATORY

The government

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