Mumbai: Market got off to a positive start despite weak Asian cues as the benchmark Sensex rebounded over 68 points today on value-buying in select blue-chip stocks. Short-covering of positions — speculators buying stocks that have been sold short to steer clear of losses — in view of tomorrow’s September monthly derivatives contract expiry added to the upward move. The BSE 30-share barometer advanced 68.17 points, or 0.24 per cent, to 28,291.87.
The gauge had lost almost 550 points in the previous three sessions. Sectoral indices led by capital goods, healthcare and auto stocks were in the green, adding up to 0.55 per cent. The NSE Nifty recovered 21.60 points, or 0.24 per cent, to 8,728. Brokers said emergence of buying in select stocks coupled with covering-up of outstanding short positions ahead of the expiry had a positive impact. However, gains were restricted as other Asian markets remained lacklustre, not sure about which way the upcoming oil producers’ meeting will pan out.
The OPEC oil group and Russia are scheduled to meet later today in Algeria to discuss a global oil surplus that has kept prices muted for more than two years. Japan’s Nikkei fell 1.54 per cent and Hong Kong’s Hang Seng 0.68 per cent while Shanghai Composite slumped 0.24 per cent in early trade today. The US Dow Jones Industrial Average ended 0.74 per cent higher yesterday.