Sensex recovers by 31 points in late morning trade

Mumbai: The BSE benchmark Sensex recovered by 31 points in late morning trade today on fresh buying in IT, tech, healthcare and metal sector stocks amid persistent foreign capital inflows coupled with overnight rise in US market.

Foreign Institutional Investors (FIIs) continued their buying spree as they bought shares worth Rs 271.70 crore, as per provisional data from the stock exchanges.

IT sector stocks firmed up due to further fall in rupee value against the dollar, a broker said. The partially convertible rupee was hovering at 62.56 per dollar as compared to its last close of 62.39 yesterday.

The BSE 30-share index Sensex resumed slightly higher at 20,896.13 and hovered in a range of 20,944.29 and 20,866.88 before quoting at 20,926.36 points at 1030 hours.

It showed a gain of 31.42 points or 0.15 percent from its last close.

The NSE 50-share barometer Nifty also moved up by 9.80 points or 0.16 percent to 6,224.95 at 1030 hours.

Major gainers were Tata Steel (2.08 percent), SSLT (1.75 percent), Hindalco Ind (1.73 percent), TCS (1.25 percent), Infosys (1.17 percent), Sun Pharma (1.15 percent) and M&M (1.11 percent).

Most US stocks rose yesterday with the Dow Jones Industrial Average notching another record close, as investors bought into optimism that the Federal Reserve would continue its stimulus longer than thought ahead of economic reports this week on the economy and the labour market.

However, Asian stocks fell in early trade ahead of the US economic reports and the European Central Bank's policy meeting.