Sensex recovers partially, moves up 102 points on inflation cheer

Mumbai: Stocks got back into shape today as the Sensex recovered 102 points to 31,198 in early session -- chiefly buoyed by a cooling inflation -- amid mixed Asian cues.

Buying picked up on positive economic data after retail inflation fell to a record low of 2.18 percent in May, from 2.99 percent in April.

The 30-share barometer rebounded by 101.82 points, or 0.32 percent, to 31,197.52. The gauge had lost 166.36 points in the previous session.

Sectoral indices such as healthcare, realty, capital goods, power and consumer durables looked good.

Sun Pharma, Lupin, GAIL, L&T, Axis Bank and Bajaj Auto, among others supported the upmove, which rose by up to 2.34 percent.

The NSE index Nifty bounced 30.10 points, or 0.31 percent, at 9,646.50.

Industrial production, however, grew at a slower rate of 3.1 percent in April due to poor show by manufacturing, mining and power, coupled with a lower offtake of capital goods and consumer durables.

Hong Kong's Hang Seng rose 0.37 percent and China's Shanghai Composite 0.12 percent in early trade. Japan's Nikkei, however, shed 0.11 percent.

The US Dow Jones Industrial Average had ended 0.17 percent lower yesterday.