Sensex bounces 55 points, 7,500-mark; all eyes on IIP data

Mumbai: The benchmark Sensex recovered over 55 points in early session today on mild buying in select stocks ahead of IIP data due later in the day even as Asian cues remained mixed.

Also, the NSE Nifty was trading above the crucial 7,500-mark.

The 30-share index was 55.38 points, or 0.22 percent, higher at 24,675.77, with sectoral indices led by realty, oil and gas and infrastructure staying in the positive zone.

The gauge had fallen 170.62 points in yesterday's trade, its first fall in seven sessions.

The NSE Nifty-50 index regained the 7,500-mark by rising 13.95 points, or 0.18 percent, to 7,500.10.

Realty stocks hogged the limelight after the Rajya Sabha passed the real estate Bill aimed at providing the much-needed relief to home buyers.

DLF surged 4.01 percent while Unitech climbed 3.05 percent and Sobha Developers 2.47 percent.

The government, on its part, turbo-charged its reforms push yesterday after it announced a series of measures to unshackle the oil and gas sector and tweaked the mining law to facilitate acquisitions.

Stock brokers said widening of bets by cautious investors ahead of key economic data -- industrial production (IIP) for January -- to be released later in the day and a mixed trend at other Asian markets after the European Central Bank's just-announced aggressive stimulus steps influenced mood.

Hong Kong's Hang Seng climbed 0.51 percent while Japan's Nikkie shed 0.87 percent in early trade today. China's main Shanghai Composite fell 0.59 percent.

The US Dow Jones Industrial Average ended 0.03 percent lower in yesterday's trade.