Sensex regains 28K level, up 118 point in early trade

Rising for the second straight session, the BSE 30-share barometer advanced by 118.18 points, or 0.42 per cent, to 28,108.39

By: PTI | Mumbai | Updated: August 24, 2016 10:03:07 am
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The benchmark BSE Sensex regained the 28,000-mark by surging over 118 points in early trade on Wednesday on renewed buying by participants in auto, teck and IT counters amid mixed global cues.

Moreover, short-covering of positions by speculators in view of tomorrow’s August monthly derivatives contract expiry contributed to the upmove.

Rising for the second straight session, the BSE 30-share barometer advanced by 118.18 points, or 0.42 per cent, to 28,108.39

The gauge had gained 4.67 points in the previous session.

All sectoral indices led by IT, teck, oil&gas and auto stocks were in the green, adding up to 0.92 per cent.

Also, the NSE Nifty climbed 28.45 points, or 0.32 per cent, to 8,661.05.

Brokers said pick-up in buying activity and covering-up of outstanding short positions by speculators ahead of August month expiry tomorrow in the derivatives segment had a positive impact.

A mixed trend at other Asian bourses, tracking overnight rally on the US and European markets too influenced sentiment here, they added.

Japan’s Nikkei was up 0.50 per cent, while Singapore rose 0.23 per cent in early trade today. However, Hong Kong’s Hang Seng fell 0.83 per cent and Shanghai Composite shed 0.06 per cent.

The US Dow Jones Industrial Average ended 0.10 per cent higher on Tuesday.

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