The Bombay Stock Exchange (BSE) Sensex gained nearly 56 points in early trade on Thursday on selective buying in oil, IT and banking stocks ahead of industrial output data for April to be released later in the day.
The 30-share index, which had retreated from record high by losing almost 110 points in the last session, recovered 55.77 points, or 0.22%, to 25,529.66 in early trade. The National Stock Exchange (NSE) Nifty moved up by 4.35 points, or 0.06%, to 7,631.20. It breached 7,700 level for the first time on Wednesday.
Brokers said fresh buying by funds and retail investors ahead of of industrial production data for April and Consumer Price Index Inflation for May to be released later in the day contributed to the gains. Stocks of IT, healthcare, oil and gas, realty, capital goods and metal sectors led the gains.
Oil major ONGC was trading up by 1.55%, HDFC by 1.19%, and Hindalco by 1.35%. Infosys, which announced the appointment of new CEO Vishal Sikka and MD on Thursday, was trading up by 1.14%.
Brokers said a weakening trend on the other Asian markets following overnight losses on the US bourses, limited the gains on the domestic markets here.
Among other Asian markets, Hong Kong's Hang Seng was down 0.80% while Japan's Nikkei fell 0.84% in early trade on Thursday. The US Dow Jones Industrial Average ended 0.60% lower in Wednesday's trade.