Sensex surges 150 pts in early trade to regain 27,000-mark
Mumbai, Oct 29 (PTI) The benchmark BSE Sensex regained the 27,000-mark by surging over 150 points in early trade today on continued buying by participants amid good quarterly earnings and a firming trend overseas as investors await the outcome of the US Federal Reserve policy meeting.
Besides, covering-up of short positions by speculators ahead of monthly expiry in the derivatives segment, supported the rally.
The 30-share barometer regained the psychological 27,000-mark for the first time since September 23 by surging 150.26 points, or 0.56 per cent, to 27,031.08 with all the sectoral indices, led by auto, realty and oil & gas, trading in positive zone with gains up to 0.97 per cent.
The gauge had gained 127.92 points in the previous session on rising rate cut hopes and good earnings.
Also, the National Stock Exchange index Nifty gained 38.80 points, or 0.48 per cent, to 8,066.40.
Brokers said besides sustained buying by investors on hopes of further reforms and encouraging earnings by some more bluechip companies, covering-up of short positions by speculators in view of tomorrow’s monthly expiry in the derivatives segment, influenced the trading sentiment.
In addition, a firming trend at other Asian markets following overnight gains in the US, accelerated buying activity on the domestic bourses here, they said.
Among other Asian markets, Japan’s Nikkei rose 1.38 per cent, while Hong Kong’s Hang Seng was trading 0.87 per cent higher in early trade.
The US Dow Jones Industrial Average ended 1.12 per cent down in yesterday’s trade.