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Sensex rebounds 163 points on value buying in bluechip stocks

The 30-share index, which had lost 911.66 points in the previous six straight sessions due to muted Q2 earnings by some bluechip companies and a weak trend overseas, recouped 162.70 points, or 0.61%, at 26,721.85 with all the sectoral indices rising up to 1.36% following across-the-board buying.

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The benchmark BSE Sensex gained nearly 163 points in early trade on Tuesday, snapping its 6-session losing streak, driven by a value buying in bluechip stocks coupled with positive core sectors output data.

The broader NSE Nifty regained the 8,100-level. 

The mood also brightened on firming trend at other Asian markets, tracking overnight gains at the US markets. 

Asian share markets crept ahead on Tuesday after the benchmark for US tech stocks hit its highest in 15 years, while a holiday in Japan kept currencies tethered within recent tight ranges.

At 1022 hours the BSE Sensex was trading up 110.76 points, or 0.42% at 26,669.91.

The 30-share index, which had lost 911.66 points in the previous six straight sessions due to muted Q2 earnings by some bluechip companies and a weak trend overseas, recouped 162.70 points, or 0.61%, at 26,721.85 with all the sectoral indices rising up to 1.36% following across-the-board buying.

Also, the NSE Nifty reclaimed the crucial 8,100-mark by recovering 49.55 points, or 0.61%, at 8,100.35.

Brokers said value-based buying in bluechips after recent losses and core sector growth rising to 4-month high of 3.2% in September buoyed trading sentiments.

The growth rate in September was highest since May when it was 4.4%.

Besides, a firming trend at other Asian markets too triggered fresh round of buying by funds, they said. 

Among other Asian markets, Hong Kong's Hang Seng was up by 1.41% while Shanghai Composite index rose 0.02 per in early trade on Tuesday. Japan financial markets are closed on Tuesday for a national holiday.

The US Dow Jones Industrial Average ended 0.94% higher on Monday.

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