Sensex rebounds 117 pts on value buying, Asian cues

Monday, May 16, 2016,10:14 IST By metrovaartha A A A

Mumbai | he benchmark BSE Sensex gained over 117 points in early trade Monday, driven by value buying in bluechips coupled with positive Asian cues. However, caution prevailed after the Met department yesterday predicted a six-day delay in the onset of monsoon, which was scheduled to hit Kerala on June 1. This is expected to delay monsoon in other parts of the country as well.

The 30-share index rose by 117.35 points or 0.46 per cent to 25,606.92 with sectoral indices led by realty, healthcare, IT, auto and capital goods, rising by up to 0.80 per cent. The gauge had lost 301 points in the previous session on downbeat economic data amid fears that Sebi’s plan to tighten P-Note norms would hit foreign fund inflows.

Also, the NSE Nifty recovered 30.35 points or 0.39 per cent to 7,845.65. Brokers said apart from value-based buying in bluechips after recent losses, a firming trend in other Asian markets influenced sentiment here.

Among other Asian markets, Hong Kong’s Hang Seng was up 1.23 per cent while Shanghai Composite index rose 0.15 per cent in early trade today. Japan’s Nikkei surged 1.20 per cent following a string of corporate earnings. Meanwhile, the US Dow Jones Industrial Average ended 1.04 per cent lower on Friday.

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