Sensex up 87 points in early trade on Narendra Modi government's disinvestment move

The benchmark BSE Sensex today rose over 87 points in early trade after two sessions of losses on fresh round of buying as the government yesterday approved the sale of shares in Coal India, ONGC and NHPC to garner a combined Rs 43,000 crore.

Besides, a firming Asian cues supported the recovery in the domestic markets here. The 30-share barometer recovered by 87.77 points, or 0.32 %, to 27,145.18 as power, banking, infrastructure and capital goods sector stocks led gains. The index had lost 262.44 points in the previous two sessions. On similar lines, the wide-based National Stock Exchange index Nifty edged higher by 30.40 points, or 0.38 %, to 8,124.50.

Brokers said apart from fresh buying by participants after the government cleared stake sale in Coal India, ONGC and NHPC, a firming trend on other Asian bourses following overnight gains on US market helped trading sentiment to improve.

The CCEA has cleared 10 % stake dilution in CIL, 5 % in ONGC and 11.36 % in NHPC through the Offer For Sale (OFS) route. In the Asian region, Japan's Nikkei was up by 0.60 %, while Hong Kong's Hang Seng index rose 0.09 % in early trade today. T

he US Dow Jones Industrial Average rose 0.32 % in yesterday's trade.