Sensex rallies 242 points to reclaim 26,000-level

The benchmark BSE Sensex recovered by nearly 121 points and the Nifty reclaimed 8,000-mark in early trade today on fresh buying by investors as the December derivative contracts started on a better note amid mixed Asian cues.

Mumbai: The BSE benchmark Sensex reclaimed the psychological 26,000-level by rallying over 242 points in late morning deals on sustained bouts of buying in key frontline shares led by IT, teck, utilities, metal sectors amid higher Asian cues.

The first day of December derivative contracts started on a positive note on hectic build-up of bets by domestic funds and investors in response to continued offloading by foreign funds.

The 30-share pack resumed higher at 25,953.24 and hovered in a range of 26,101.94 and 25,874.45 before quoting 26,102.35 at 1100 hours, showing a gain of 242.18 points, or 0.94 percent, from its last close.

The NSE 50-share Nifty also trading higher by 88.80 points, or 1.11 percent, to 8,054.30 at 1100 hours.

Major gainers were: Infosys 5.13 percent, TCS 4.32 percent, GAIL 3.64 percent, Tata Steel 2.95 percent, Wipro 2.88 percent and Adani Ports 2.17 percent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 2,010.15 crore yesterday, as per provisional data released by the stock exchanges.

The 30-share Sensex, which lost 191.64 points in the previous session, recouped 120.64 points, or 0.46 percent, at 25,980.81 with sectoral indices of BSE led by metal, realty, IT, PSU and consumer durables were in the positive zone, rising by up to 1.42 percent.

However, investors have been cautious for the past few sessions as the rupee plunged to a record low of 68.86 (intra-day) against the dollar yesterday as the demonetisation after-effects played out and concerns grew about a possible Fed rate hike in the near term.

In overseas markets, Asian markets gained as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets.

US markets remained closed yesterday on Thanksgiving holiday and trading will end early today.