Sensex up 62 pts in early trade on positive macroeconomic data

Wednesday, Jun 1, 2016,10:45 IST By metrovaartha A A A

Mumbai | The benchmark BSE Sensex recovered over 62 points to 26,730.15 in early trade Wednesday on increased buying by funds and investors driven by encouraging GDP numbers and core infrastructure sectors growth. Trading sentiment got a boost after macro-economic indicators such as GDP numbers and core sector growth showed that the country’s economy has gained momentum. India’s GDP grew 7.9 per cent in the January-March quarter of 2015-16, taking the overall economic growth to a five-year high of 7.6 per cent for the entire fiscal. The production of eight core sectors growing by 8.5 per cent in April on the back of pickup in output of refinery products, fertilisers, steel, cement and electricity, too impacted trading sentiment, brokers said.

The 30-share index, which had lost 57.64 points in the previous session, gained 62.19 points, or 0.23 per cent, to trade at 26,730.15. Stocks of FMCG, oil&gas, healthcare, teck, IT, consumer durables and PSU led the gains. The NSE Nifty was trading higher by 27.80 points, or 0.34 per cent, at 8,187.90. Shares of state-run oil marketing companies such as BPCL, HPCL and IOC were trading in positive zone with gains by up to 0.63 per cent following a hike in petrol and diesel prices.

Asian cues were mixed with Shanghai Composite Index rising 0.27 per cent, while Japan’s Nikkei shed 0.57 per cent in early trade. Hong Kong’s Hang Seng fell 0.16 per cent. The US Dow Jones Industrial Average ended 0.48 per cent down in yesterday’s trade.

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