Sensex recovers 54 points in early trade on corporate earnings

Sensex
3/3/2008 - MUMBAI: BSE Sensex showing certain indices in Mumbai. Sensex was down 570 points - PTI Photo [Business]

Mumbai: The BSE Sensex recovered by about 54 points in early trade on Friday on fresh buying by investors after ITC Ltd reported better-than-expected earnings.

The 30-share index, which had lost 205.37 points in the previous session, rebounded 53.67 points or 0.19% to 27,764.19 with stocks of FMCG, power, capital goods, auto, consumer durables and healthcare, rising by up to 0.75%.

Similarly, the broader NSE Nifty was trading 15.30 points or 0.17% higher at 8,525.40.

Buying activity emerged after FMCG major ITC Ltd yesterday reported posted an over 10 per cent rise in standalone net profit at Rs 2,384.67 crore for April-June quarter.

Shares of ITC Ltd climbed 1.04% to Rs 253.25 in early trade.

Other gainers that supported the recovery were GAIL, Power Grid, Asian paints, Tata Motors, M&M, NTPC, L&T and RIL.

Traders said, however, a weak trend in other Asian bourses following overnight weakness in the US, restricted the rise on the domestic market.

In Asian, Japan’s Nikkei fell 0.89% while Hong Kong’s Hang Seng was down 0.40 per cent in early trade.

Shanghai Composite was 0.31% down.

The US Dow Jones Industrial Average ended 0.42 per cent lower on Thursday.

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