The benchmark BSE Sensex rebounded over 125 points in early trade on Thursday after Wednesday’s fall as funds and investors made fresh purchases in consumer durables, realty, metal and PSU sector stocks amidst a firming trend in Asian markets.
The 30-share index, which had slipped from record highs by falling 78.86 points in Wednesday’s trade, recovered by 125.37 points, or 0.52 per cent, to trade at 24,423.39.
All the sectoral indices, led by realty and consumer durables, were trading in the positive zone with gains up to 7.77 per cent.
In a similar fashion, the broader National Stock Exchange index Nifty moved up by 18.45 points, or 0.25 per cent, to 7,271.35.
Brokers attributed the recovery in stocks to revival of buying by funds and investors amidst a firming trend on other Asian bourses on indication of an improvement in Chinese manufacturing activity and overnight gains on the U.S. markets.
Jewellery stocks were back in demand after the Reserve Bank yesterday eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Stocks of Titan Company climbed up by 10.40 per cent to Rs. 342.40, P C Jewellers rose 15.93 per cent to Rs. 120.10 and Gitanjali Gems surged 14.17 per cent to Rs. 104.35.
Among other Asian markets, Hong Kong’s Hang Seng index rose by 0.38 per cent, while Japan’s Nikkei gained 1.60 per cent in early trade on Thursday.
The U.S. Dow Jones Industrial Average ended 0.97 per cent higher in Wednesday’s trade.
