Sensex rallies 126 points on sustained buying

Mumbai: The benchmark BSE Sensex jumped over126 points in morning trade on sustained buying, mainly in power, banking, teck and IT sectors amidst heavy foreign capital inflows despite lower global cues. The 30-share index resumed higher at 22,374.98 points and hovered in a range of 22,482.92 and 22,317.18 before quoting at 22,470.15 at 1000 hours. It showed a gain of 126.11 points, or 0.56 per cent, from its last close.a

The NSE 50-share barometer Nifty also moved up 41.40 points, or 0.62 per cent, to 6,701.25 at 1000 hours. Major gainers were - Tata Power (1.70 per cent), Hindalco Ind (1.28 per cent), BHEL (1.09 per cent), HDFC (0.97 per cent), Coal India (0.80 per cent), HDFC Bank (0.72 per cent) and Wipro (0.54 per cent). Market sentiments are upbeat in hope of a stable government at the centre after the ongoing general elections. Foreign institutional investors (FIIs) bought shares worth a net Rs 363.24 crore, as per provisional data from the stock exchanges. Most Asian stocks declined in the early trade, as investors weighed earnings reports from Japan's biggest companies and Canon Inc announced a share buyback.

Key benchmark indices in Hong Kong, China, Singapore, and Taiwan were down 0.01 to 0.28 per cent while indices in South Korea and Japan rose 0.13 to 0.59 per cent.