Sensex up 41 points in early trade on rate cut hopes
Mumbai: The BSE benchmark Sensex on Monday rose over 41 points in early trade on sustained buying by participants on hopes Reserve Bank of India will cut interest rate tomorrow and better-than-expected corporate earnings.
The 30-share barometer, which had gained 179.75 points in the previous session on Friday, rose by 41.10 points, or 0.20 percent, to 20,144.63, with realty, banking and auto sector stocks leading the rise.
Similarly, the wide-based National Stock Exchange index Nifty gained 9.40 points, or 0.15 percent, to 6,084.05.
Brokers said increased buying by funds on hopes that the RBI may announce a rate cut in its monetary policy review tomorrow, influenced the trading sentiments.
Besides, better-than-expected quarterly earnings by Maruti and Reliance Power and a firming trend in the Asian region also had a positive impact, they said.
Meanwhile, in Asia, Japan's Nikkei was up by 0.70 percent, while Hong Kong's Hang Seng gained 0.35 percent. The US Dow Jones Industrial Average ended 0.51 percent higher on Friday.