Mumbai: Snapping its three-day losing streak, the BSE benchmark Sensex recovered over 223 points in early trade on emergence of buying by funds amid a firming trend in other Asian markets.
The 30-share index, which had lost nearly 674 points in the previous three sessions, recovered 223.26 points, or 1.10 percent, to 20,440.65, with stocks of banking, realty, oil and gas and FMCG sectors leading the recovery.
The National Stock Exchange Nifty moved up by 68.75 points, or 1.15%, to 6,064.20. Brokers said emergence of buying by funds and retail investors amid a firming trend in other Asian bourses, after U.S. markets hit another record high on Friday, mainly buoyed the trading sentiment.
Besides, expectations of a drop in import bill after crude oil prices fell in the overseas markets, following a key deal between world powers and Iran on its controversial nuclear programme, also triggered buying activity, they said
Stocks of state-run oil marketing companies such as Indian Oil rose 1.99 percent to Rs.204.70. Hindustan Petroleum rose 4.25 percent to Rs.211 and Bharat Petroleum gained 2.68 percent to Rs.341.60.
Reliance Industries shares also gained 1.27 percent to Rs.854.65.
In other Asian markets, Japan’s Nikkei index rose by 1.36%, while Hong Kong’s Hang Seng gained 0.56 percent in early trade on Monday.
The US Dow Jones Industrial Average surged to yet another high by gaining 0.34 percent on Friday.
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