Tuesday , October 18 2016
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Sensex bounces back on short covering, Nifty above 7800


Mumbai: The market in early trade on Tuesday bounced back on short covering after getting weak in previous session amid Chinese sell-off.

The Sensex rose 112.70 points trading at 25736.05 and the Nifty climbed 37.10 points trading at 7828.40.

Tata Steel, Hindalco Industries, Tata Motors, BHEL, Adani Ports, Cairn India, Idea Cellular, NTPC and Bajaj Auto were early gainers, rising around 1-1.5 percent.

The Indian rupee has opened higher by 11 paise at 66.50 per dollar versus 66.61 Monday.

Asian markets recovered from Monday’s sharp selloff while Chinese markets tumbled at opening before quickly erasing early losses. The Shanghai Composite fell 3.1 percent before gaining 0.95 percent.

US stocks, meanwhile, closed lower on Monday, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East.

European markets too slumped to close sharply lower following a sell-off in Chinese stocks and heightened geopolitical tensions. (ANI)

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