Sensex bounces 217 pts on value-buying, solid Asian cues

Mumbai: The benchmark Sensex rebounded by over 217 points and the Nifty took back the 7,800-mark in the beginning of the session today, snapping its 3-session losing spell, driven by value-buying by retail investors amid a firm trend in Asian bourses.

The 30-share barometer surged 217.36 points, or 0.85 per cent, to 25,519.26, with all sectoral indices led by FMCG, metal and realty stocks, in the green, rising by up to 2.85 per cent.

Investors are keeping track of the next US Fed move and its subsequent impact on movement of the dollar. The upcoming expiry of May derivative contracts and the progress of the monsoon are also going to be a deciding factor.

The Sensex had lost 478 points in the previous three sessions.

The Nifty is back on top of the crucial 7,800-mark by jumping 70.90 points, or 0.91 per cent, to 7,820.60.

According to brokers, value-buying in stocks that took a hammering recently from retail investors and a firm trend at other Asian markets provided some respite.

Rebound in the rupee from a 2-1/2 month low against the dollar also came as a positive.

In the Asian region, Hong Kong’s Hang Seng was up 0.28 per cent and Shanghai rose by 0.43 per cent in early session.

The Dow Jones Industrial Average ended 0.38 per centhigher in Friday’s trade.