Sectoral indices in positive zone, Nifty IT slips by 0.11%
All sectoral indices were in the positive zone except for Nifty IT which slipped slightly by 0.11%. Nifty PSU bank and realty climbed up by 1.9% each, financial service by 1.7%, metal by 1.6% and pharma by 1%.
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Mumbai: Equity benchmark indices rebounded during early hours on January 7 in line with Asian markets with no new escalation in the Middle East.
At 10:15 am, the BSE S&P Sensex gained by 467 points to 41,143 while the Nifty 50 edged higher by 131 points at 12,124.
An ebb in global crude oil prices and rupee's rise against the US dollar also influenced the market mood.
All sectoral indices were in the positive zone except for Nifty IT which slipped slightly by 0.11%. Nifty PSU bank and realty climbed up by 1.9% each, financial service by 1.7%, metal by 1.6% and pharma by 1%.
Among stocks, metal majors Vedanta and Tata Steel gained by 2.6% and 1.8% respectively while index heavyweight Reliance Industries ticked up by 1.8%.
IndusInd Bank moved up by 2.2%, Yes Bank by 2%, HDFC Bank by 1.9% and State bank of India by 1.8%. Among the other prominent gainers were Zee Entertainment, Bajaj Finserv and Asian Paints.
However, IT majors had a bad time with Tech Mahindra, Wipro, HCL Technologies and Tata Consultancy Services showing marginal losses.
Meanwhile, Asian shares rallied and Wall Street erased early losses to end in the black as tech stocks climbed. MSCI's broadest index of Asia Pacific shares outside Japan added 0.6%, recouping almost all of Monday's losses.
Japan's Nikkei gained by 1.3% and Shanghai blue chips advanced by 0.5%.
Shares had fallen sharply on Monday as Iran and the United States traded threats after a US airstrike killed a top Iranian commander. The mood calmed a little as the session passed with no new aggression.
