Sensex gains 147 points on firm global cues, Nifty reclaims 10,600

MUMBAI: The benchmark BSE Sensex rose 147 points and Nifty reclaimed 10,600 mark in early trade today on sustained buying by domestic institutional investors amid firm Asian cues.

Encouraging earnings by blue-chip company also added to the uptrend.

The 30-share index rose 147.25 points, or 0.42 per cent, to 34,598.02.

The gauge had gained 35.19 points in the previous session. The NSE Nifty was up 23. 90 points, or 0.22 per cent, to 10,608.60.

Major gainers were Yes Bank, ICICI Bank, M&M, HUL, Axis Bank, ITC, RIL, Adani Ports, Maruti Suzuki, Dr Reddy's, ONGC, Sun Pharma and Bajaj Auto, rising up to 2 per cent.

Brokers said sustained buying by domestic institutional investors, firm trend other Asian bourses and encouraging earnings by some blue chips company boosted the sentiment here.

Sectoral indices, led by realty, FMCG, auto, bankex and consumer durables, were trading in the positive zone with gains of up to 0.93 per cent.

On the other hand, shares of Bharti Airtel fell 0.94 per cent and IDFC Bank dropped 0.10 per cent, ahead of their Q4 results scheduled to be announced today.

Metal stocks cracked as aluminium prices continued to fall after the US softened its stance on sanctions against Russian metals giant United Company Rusal, leading to a record plunge in aluminum prices.

Nalco, Hindalco, Vedanta and Jindal Steel were among the top losers in the BSE metal index, diving by up to 8 per cent.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 387.26 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 259.08 crore yesterday, per provisional data showed.

Among other Asian markets, Japan's Nikkei was up 0.67 per cent, while Hong Kong's Hang Seng index rose 1.20 per cent in early trade.

Shanghai Composite Index gained 1.95 per cent.

US stocks ended on a mixed note as investors grappled with rising bond yields and a mixed bag of earnings reports.

The yield on the 10-year Treasury note climbed, settling just below the 3 per cent level.

The US Dow Jones Industrial Average ended 0.06 per cent down in yesterday's trade.