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Sensex rebounds 100 pts on value-buying, short-covering

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Mumbai :The benchmark BSE Sensex recovered by 100 points in early trade today on the back of value-buying in blue-chip stocks amid covering-up of short positions by speculators ahead of the monthly derivatives expiry.

Moreover, a stronger rupee against the dollar and a mixed trend in Asia buoyed mood.

The 30-share index rebounded 100 points, or 0.39 per cent, to 25,938.71, with all sectoral indices led by capital goods, oil and gas, power and banking trading in the positive zone, rising by up to 0.65 per cent.

The barometer shed 11.59 points in the previous session on Thursday. Markets remained closed on Friday on account of Christmas.

Also, the NSE Nifty was quoting higher by 27.05 points, or 0.34 per cent, at 7,888.10.
Brokers said value-based buying at some blue-chip counters and the rupee rising for the eighth straight session accelerated the upmove.

Besides, covering-up of pending short positions by speculators ahead of the futures and options expiry on Thursday supported the upside, they said.

Elsewhere in Asia, Japan’s Nikkei was up 0.34 per cent while Hong Kong’s Hang Seng shed 0.44 per cent in early trade today. The benchmark Shanghai Composite Index added 0.22 per cent.

The US Dow Jones Industrial Average closed lower by 0.29 per cent in the previous session on Thursday.

PTI