The benchmark BSE Sensex recovered by 25 points in morning trade on fresh buying in capital goods and power sector stocks on the back of higher global cues despite selling in metal and realty sectors. The market may remain volatile in the near future ahead of the expiry of futures & options (F&O) May contract tomorrow.
The Sensex resumed higher at 24,591.61 and hovered in a range of 24,643.33 and 24,552.76 before quoting at 24,574.55 at 1000 hrs, showing a gain of 25.04 points, or 0.10%, from its last close.
The NSE 50-share Nifty also moved up by 8.50 points, or 0.12%, to 7,326.50 at 1000 hrs. Major gainers were BHEL (3.28%), Hero Motocorp (2.02%), Maruti Suzuki (1.55%), Larsen (1.36%), Bharti Airtel (0.85%) and ICICI Bank (0.76%).
Asian stocks rose in their early trade after China reported industrial profits. Key benchmark indices in Hong Kong, Indonesia, South Korea, Taiwan, China, Singapore and Japan were up 0.04-0.63%. US stocks rose yesterday as the S&P 500 index scored a second straight record close, buoyed by the latest round of merger activity and as expectations for rate cuts by the European Central Bank stoked investors' appetite for equities. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 202.61 crore yesterday, as per provisional data from the stock exchanges.(Reporting By Costas Pitas; editing by Stephen Addison)