Sensex up by 197 points on fresh buying
The BSE benchmark Sensex was up by 197 points in early trade on Wednesday on fresh buying in realty, auto, metal, banking, capital goods and consumer durable stocks on the back of strong quarterly earnings from some companies, coupled with firm Asian cues.
The BSE benchmark Sensex resumed higher at 16,883.36 and shot up further to 16,959.24 before quoting at 16,945.06 at 1015 hours, a net gain of 196.77 points, or 1.17 per cent, from its previous close.
The NSE's 50-share Nifty Index also moved up by 58.60 points, or 1.16 per cent, to 5,096.10 at 1015 hours. All the 13 sectoral indices on the BSE were trading in the green.
Auto shares rose after strong Q2 results from two-wheeler major Hero MotoCorp. Jindal Steel & Power, too, gained after reporting 8 per cent growth in net profit in the second quarter ended September, 2011.
The major gainers in early trade were Hero MotoCorp (up 3.71 per cent), DLF (3.07 per cent), Tata Motors (2.98 per cent), Sterlite Industries (2.19 per cent), SBI (2.05 per cent) and HDFC Bank (2.03 per cent).
Meanwhile, Asian shares were up in early trade, though the gains were capped by the decision of Moody's Investors Service to reduce its rating of Spain's sovereign debt, which kept investors' risk appetite in check.
The key benchmark indices in Hong Kong, Japan, China, Taiwan and Singapore were up by between 0.06 per cent and 1.09 per cent.
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