The Bombay Stock Exchange benchmark Sensex recovered from early losses and was trading 31 points higher at 1015 hours on Wednesday on the back of buying in IT, metal and auto stocks.
The 30-share BSE index resumed higher at 16,522.71 and hovered in a range between 16,529.69 and 16.396.14 before quoting at 16,498.44 at 1015 hours, a net gain of 31 points, or 0.19 per cent, from its last close.
The National Stock Exchange’s 50-share Nifty Index also moved up by 27.15 points, or 0.55 per cent, to 4,968.10 at 1015 hours.
Among the sectoral indices, the BSE-IT Index shot up by 2.04 per cent, the BSE-Teck Index was up by 1.23 per cent, the BSE-Metal Index by 0.87 per cent, the BSE-Auto Index by 0.66 per cent and the BSE-CD Index by 0.60 per cent.
Software stocks rose for the second straight day on the back of a weak rupee, which boosted their revenue outlook in rupee terms on the basis of higher realisation from exports in U.S. dollars. Indian IT companies earn most of their revenues from exports to the U.S. and Europe.
Meanwhile, Asian stocks reversed initial gains on fears that Greece may default on its sovereign debt.
