Encouraging corporate earnings coupled with a firming trend on other Asian bourses boosted the market sentiments
The benchmark BSE Sensex on Wednesday gained over 145 points in early trade on the back of encouraging corporate earnings coupled with a firming trend on other Asian bourses.
The 30-share barometer, which had lost over 690 points in the previous three sessions, recovered by 145.17 points, or 0.70 per cent, to 20,828.68.
All the sectoral indices led by auto, banking and realty, were trading in positive zone with gains up to 1.32 per cent.
Brokers said fresh round of buying by participants driven by better-than-expected Q3 earnings by NTPC and Bharti Airtel and a firming trend in the Asian region following overnight gains on the US markets buoyed the trading sentiments here.
Stocks of country’s largest thermal power producer NTPC gained 0.74 per cent at Rs 129.785 after company posted over 10 per cent rise in its net profit for the third quarter ended December 31, 2013, and announced that it will pay an interim dividend of nearly Rs 2,500 crore to the government.
Shares of Bharti Airtel climbed 2.51 per cent to Rs 314 after company’s third quarter net profit jumped 115.1 per cent to Rs 610 crore.
On similar lines, the National Stock Exchange index Nifty moved up by 40.15 points, or 0.66 per cent, to 6,166.40.
Among other Asian markets, Hong Kong’s Hang Seng index rose by 0.96 per cent, while Japan’s Nikkei gained 1.74 per cent in early trade today. The US Dow Jones Industrial Average ended 0.57 per cent higher in yesterday’s trade.