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Sensex rebounds 187 points ahead of IIP data, firm global cues

Mumbai: The Bombay Stock Exchange benchmark Sensex recovered by over 187 points in opening trade today, on fresh spell of buying ahead of industrial production data for the month of June and firming trend in the overseas markets.

The 30-share index, which had lost 71.11 points in the previous session, rose by 187.48 points, or 1.10 per cent, to 17,246.88 in the first few minutes of trade today, with realty, banking, metal and technology sector stocks leading the recovery.

Meanwhile, the wide-based National Stock Exchange Nifty index also moved up by 56.15 points, or 1.09 per cent, to 5,194.45.

Brokers attributed the recovery in stocks to fresh round of buying by funds ahead of the release of index of industrial production (IIP) data later today, which is expected to be encouraging.

In addition, firming trend on the Asian bourses in line with overnight gains on the US and European markets also buoyed the trading sentiments here, they said.

In the Asian region, Japan’s Nikkei index was trading 0.10 per cent higher, while Hong Kong’s Hang Seng Index rose 0.98 per cent in early trade today. The US Dow Jones Industrial Average surged 3.95 per cent in yesterday’s trade.

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