Update: Sensex Surges 444 pts on Value Buying; ONGC Gains 3.9%

Sensex up 400 pts on value buying, global cues

Updated
Business
2 min read
(Photo: Reuters)
<a href="http://www.bseindia.com/sensexview/indexview_new.aspx?index_Code=16&amp;iname=BSE30">(Screengrab of BSE)</a>
(Screengrab of BSE)

2:30 pm The BSE Sensex is up 444 points to 27,898 while the Nifty gained 116 points to 8,457 points on Monday. Some of the top gainers on the bourses includes ONGC (3.9%), ITC (3.4%), Bharti Airtel (3.4%), Coal India (3.2%).

11:00 am The market rebounded strongly after a week-long sluggish trend amid value buying by domestic funds and positive global cues, pushing up the BSE Sensex by 288 points to 27,746.87 in the morning trade.

The NSE Nifty was up 79 points quoting at 8,420.85 at 1100 hrs.

Value buying saw seen mainly in capital goods, FMCG, Pharma, Power, Banking and Tech counters.

Retail investors were also seen entering fresh on small cap and mid cap counters with their indices, BSE Small-cap and Mid-cap surging by 2.40 per cent and 1.27 per cent respectively.

HDFC, ITC, HDFC Bank, L&T, Bharti Airtel, M&M, SBI, Infosys, Axis Bank, HUL, Cipla, Wipro and BHEL attracted good buying interest.

The BSE 30-share barometer resumed with wide upside gap of nearly 200 points and rallied further to quote at 27,746.87 at 1100hrs, up by 288.23 points or 1.05 pct.

The broad-based 50-issue CNX Nifty of the NSE also bounced back by 79.45 points or 0.95 pct to regain 8,400-mark to quote at 8,420.85.

Asian stocks were trading higher today on positive closing of US stocks on last weekend, absorbing Fed chair Janet Yellen’s remark ahead of Q1 earnings in April regarding rise in interest rates this year.

Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth Rs 320.52 crore while Domestic Institutional Investors (DIIs) bought shares worth Rs 674.76 crore last Friday, as per provisional data.

Sensex up 222 pts in early trade on bargain buying

10:00 am: The BSE Sensex rose sharply by over 222 points in early trade on Monday on bargain buying in stocks by funds and retail investors amid positive cues from other Asian markets.

The 30-share index, which had gained 1.06 % in highly volatile trade on Friday, spurted by 222.34 points, or 0.81 %, to 27,680.98, with FMCG, infrastructure, consumer durables, capital goods and banking sector stocks leading the recovery.

Also, the National Stock Exchange index Nifty reclaimed the crucial 8,400-mark by surging 63.65 points, or 0.76 %, to 8,405.05.

Brokers said value-buying by funds in select bluechip stocks after recent losses amid a firming trend in other Asian markets, following weekend gains on US markets, buoyed trading sentiments here.

Among other Asian markets, Hong Kong’s Hang Seng was up by 0.99 % while Japan’s Nikkei gained 0.53 % in early trade today.

The US Dow Jones Industrial Average ended 0.19 % higher in the previous session on Friday.

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