Sensex up by 307 points in morning trade on firm Asian cues
Sensex rebounded sharply by 307 points in late morning trade to 28,744.47
Mumbai: The benchmark BSE Sensex on March 17 rebounded sharply by 307 points in late morning trade to 28,744.47, tracking firm global cues. Asian markets edged higher as investors positioned for the possibility that weaker-than-expected US data will prompt the Federal Reserve to adopt a cautious stance this week. US stocks closed sharply higher on March 16, as the USD rally paused ahead of the Federal Reserve's two-day policy meeting.
The 30-share index saw all sectoral indices trading in the green with healthcare, auto, FMCG, metal, consumer durable, bank and power segments leading the pack. The benchmark S&P BSE Sensex resumed higher at 28,595.00 and improved further to quote at 28,744.47 at 1100 hrs, showing a rise of 306.76 points or 1.08 per cent. The 50-issue CNX Nifty of the NSE also bounced back by 92.80 points or 1.07 per cent to quote at 8, 725.95 at 11:00 hrs.
The prominent gainers from the sensex pack were, Hindalco 3.31 per cent, SSLT 3.26 per cent, Tata Motors, 3.09 per cent, Dr Reddy 2.78 per cent, Cipla 2.32 per cent, Tata Steel 2.08 per cent, HDFC 1.86 per cent, Sun Pharma 1.78 per cent, TCS 1.39 per cent, Axis Bank 1.34 per cent, ITC 1.21 per cent and L&T 1.16 per cent. From Asia, key indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan were trading higher by 0.24 per cent and 1.75 per cent. The Dow Jones Industrial Average and the Nasdaq Composite Index closed up by 1.29 per cent and 1.19 per cent respectively on Wall Street on March 16. Meanwhile FII's sold shares worth Rs 762.55 crore on March 16 as per provisional data.