Mumbai: The benchmark BSE Sensex surged by over 300 points and NSE Nifty regained the 9,900 level in afternoon trade on Wednesday on bargain hunting following yesterday's steep losses fuelled by North Korea's missile launch over Japan.
Across the board buying in metal, oil and Gas, energy, realty, industrials, financials, auto, capital goods, consumer durables and banks helped indices to recover most of the losses. Hectic shortcovering ahead of August derivative expiryon Tuesday amid positive trend in Asian markets as North Korean concerns diminished supported the sentiment.
The 30-share Sensex opened gap-up at 31,534.57. Later it surged to 31,701.67, a gain of of 313.28 points or 1.00 per cent as HDFC, RIL, HDFC Bank, L&T and ICICI Bank recovered from yesterday's heavy losses. The 50-share Nifty regained the 9,900 level, surging by 104.30 points or 1.06 per cent to 9,900.35 at 1210 hrs.
Major gainers were HDFC 1.68 per cent, Reliance 1.68 per cent, Adani Ports 1.49 per cent, HeroMotoco 1.32 per cent, Dr Reddy 1.14 per cent and Tata Motors 1.09 per cent. Foreign portfolio investors (FPIs) sold shares worth Rs 1,459.64 crore on net basis on Tuesday, showed provisional data. Domestic institutional investors (DIIs) bought shares worth Rs 1,391.33 crore.
Most Asian markets gained after US President Donald Trump's measured response to North Korean missile launches and comments from Kim Jong Un suggested geopolitical tensions will ease off. North Korea's latest missile launch jolted the US stock market yesterday but major indexes pulled back from those early losses and mostly finished higher as the weakening dollar gave technology and industrial companies a boost. -- Rupee up 7 paise vs US dollar at 63.95 -- The rupee was trading up by 7 paise to 63.95 per dollar in late morning session today on sustained bouts of dollar selling from banks and exporters amid higher local equities.
The rupee resumed higher at 63.97 per dollar at the interbank foreign exchange (Forex) against yesterday's closing level of Rs 64.02 per dollar. Later, the domestic unit hovered between 63.98 and 63.93 during morning deals. It was quoting at 63.95 at 1040 hrs.
Overseas, the US dollar recovered from lows against major rivals in early Asian trade, while pulling away from the previous sessions 4-1/2 month lows against the yen as investors concerns over North Koreas latest missile test eased for now....