Sensex up 117 points in late morning trade

Mumbai: The S and P BSE sensex rallied by 117.36 points to 29,976.16 in late morning trade on sustained bouts of buying in most of the sectors.

Realty, consumer durables, telecom, banks, auto, IT, teck and financials sectors saw bulk of the buying activity amid higher Asian cues.

Sentiments got a boost on global firmness as pro-European centrist Emmanuel Macron’s victory over anti-EU Marine Le Pen in France’s presidential election as well as bullish US job data.

The sensex resumed higher at 29,915.12 and hovered between 29,993.68 and 29,877.41, it was quoting at 29,976.16 at 1100 hrs, showing a gain of 117.36 points, or 0.39 per cent.

The NSE 50-share Nifty also rose by 42.35 points, or 0.46 per cent, to 9,327.65 at 1100 hrs. Major gainers were ICICI bank (3.06 per cent), ONGC (1.69 per cent), Axis Bank (1.45 per cent), Tata Motors (1.23 per cent) and SBI (1.12 per cent).

Meanwhile, FIIs sold shares net worth Rs 363.98 crore last Friday as per the provisional figures issued by stock exchanges.

Overseas, Asian stocks rose amid optimism on improving global growth following Emmanuel Macron`s victory as France`s next president. US stocks closed at a record last Friday, on better-than-forecast data on American jobs.