Sensex recoups 111 points on value-buying, global cues

Mumbai: The benchmark BSE Sensex recovered by over 111 points in early trade on Thursday after two sessions of sharp losses, on value-buying by investors amid a firming trend at other Asian markets.

The 30-share index rebounded by 111.64 points, or 0.41%, to 26,948.84, with stocks of oil & gas, capital goods, IT, realty and infrastructure sectors leading the recovery.

The gauge had lost 1,011.79 points in the previous two sessions after RBI took a cautious stance on the economic recovery and fears of a drought in the country after the Met department projected monsoon this year to be “deficient”.

Also, the NSE Nifty was up 24.95 points, or 0.30% , at 8,160.05 in early trade.

Brokers said value-buying in recently beaten-down blue-chip stocks, coupled with a firming trend at other Asian markets tracking overnight gains in the US following solid private sector job data, influenced sentiment.

Among other Asian markets, Japan’s Nikkei rose 0.32% while Hong Kong’s Hang Seng gained 0.33% in early trade on Thursday.

The US Dow Jones Industrial Average ended 0.36% higher on Wednesday’s trade.

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