Sensex up by 533 points in early trade

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The BSE benchmark Sensex gained 533 points in early trade today on all-round buying by operators and investors in the wake of a four-session losing streak.

The BSE benchmark Sensex resumed higher at 16,222.49 and shot up further to 16,347.48 before quoting at 16,325.55 at 1015 hours, a sharp rise of 533.14 points, or 3.38 per cent, from its last close.

The National Stock Exchange's (NSE) 50-share Nifty Index was also up by 166.85 points, or 3.51 per cent, at 4,918.15 at 1015 hours. All the 13 sectoral indices on the BSE were in the green.

Metal stocks surged after the London Metal Exchange, a gauge of six metals, jumped by 4.4 per cent on Thursday.

IT stocks rose on positive economic data from the US, the largest outsourcing market for the Indian IT firms.

The major gainers in early trade were Jindal Steel (up 7.50 per cent), Sterlite Industries (7.18 per cent), Tata Motors (6.55 per cent), ICICI Bank ((6.42 per cent), DLF (6.01 per cent) and Wipro (4.91 per cent).

Asian stocks rose sharply in early trade, making a broad-based advance on fresh indications that Europe is ramping up efforts to shore up its financial system and prevent another global banking crisis.

The key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were up by between 1.14 per cent and 3.17 per cent.