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Sensex soars 400 points to regain 23000 mark in early trade

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Mumbai :Market benchmark Sensex zoomed over 400 points to rise above 23,000-mark in early trade today following widespread gains as investors widened their bets amid a firming trend in other Asian markets.

However, caution prevailed in view of muted macroeconomic data.

The 30-share index, which gained 34.29 points in the previous session, added 404.23 points or 1.75 per cent to 23,390.358 with all the sectoral indices led by metal, realty and oil&gas leading the gains.

The NSE Nifty reclaimed the 7,100-mark by climbing 130.55 points, or 1.87 per cent, at 7,111.50.

Brokers said a flurry of buying by investors in blue-chips available at an attractive levels amid a firming trend at other Asian markets, tracking weakened gains at the US markets, mainly influenced the sentiment.

Meanwhile, industrial production declined for the second month in a row, registering negative growth of 1.3 per cent in December, while retail inflation in January rises marginally to 5.69 per cent from 5.61 per cent in December.

Among other Asian markets, Hong Kong’s Hang Seng was trading higher by 2.62 per cent, while Nikkei surged by 5.12 per cent in early trade as investors shrugged off a contraction in Japan’s economy during the final quarter of 2015. Shanghai’s Composite index, however, was down 1.57 points.

The US Dow Jones Industrial Average ended 2 per cent higher on Friday.

Rupee strengthened by 11 paise to

68.12 against the dollar in early trade at Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.

Forex dealers said besides selling of the American unit by exporters and banks, weakness in the dollar against some other currencies overseas, supported the rupee.

Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.

On Friday, the rupee had recovered 7 paise to end at 68.23 per dollar on fresh selling of the American currency by banks and exporters in view of mild recovery in domestic equities.

Meanwhile, the Sensex surged by 312.46 points or 1.35 per cent to 23,298.58 in early trade.

PTI

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