Sensex recovers 108 points in early trade on value-buying

The benchmark BSE Sensex recovered over 108 points in early trade on Monday on buying at prevailing lower levels by investors amidst a firming trend at other Asian markets.

The 30- share index, which had lost 475.30 points in previous three sessions, rose by 108.64 points, or 0.38 per cent, to 28,369.72 with all sectoral indices, led by power, healthcare, oil & gas and capital goods, trading in positive zone with gains up to 0.68 per cent.

On similar lines, the National Stock Exchange index Nifty regained the 8,600-mark by gaining 37.45 points, or 0.43 per cent, to 8,608.35 in early trade.

Brokers said emergence of buying by investors after remaining sellers in the past few sessions and a firm trend at other Asian markets, tracking week-end rallies in the US and European markets, influenced the sentiments here.

Bucking the trend, stocks of Jindal Steel and Power plunged nearly 15 per cent to Rs 140.25 after the government cancelled the company’s bids for three coal blocks amid speculations of cartelisation.

Amongst other Asian markets, Japan’s Nikkei rose 1.07 per cent while Hong Kong Hang Seng gained 0.37 per cent in early trade on Monday.

The US Dow Jones Industrial Average ended 0.94 per cent higher in Friday’s trade.

Bombay Stock Exchange - BSE