Sensex rebounds 300 points, Nifty above 8,200 in early trade

Mumbai: The benchmark Sensex staged a strong comeback by rising over 300 points in early trade today on widespread buying by participants tracking a global market in anticipation of the European Central Bank extending stimulus.

Also, the broader NSE Nifty again went past the key 8,200-mark in the process. The 30-share index was trading significantly higher by 314.05 points at 26,551.41 with all the sectoral indices led by metal, auto, PSU and capital goods trading in the green, rising by up to 1.64 per cent.

The gauge had lost 155.89 points in the previous session yesterday following the Reserve Bank’s decision to leave interest rates unchanged that caught the market by surprise. Also, the NSE Nifty regained the key 8,200-mark by surging 100.45 points or 1.23 per cent to 8,202.50. Brokers said widespread purchases made by investors as well as foreign funds, triggered by surging equities at other Asian bourses after US stocks hit fresh highs and hopes that ECB will extend its stimulus amid optimism about the American economy after the presidential election mainly bolstered trading sentiments here.

In the Asian region, Hong Kong’s Hang Seng was up 0.58 per cent while Japan’s Nikkei gained 0.82 per cent in early trade today. Shanghai Composite Index, however, shed 0.17 per cent. The US Dow Jones Industrial Average ended at a new high by rising 1.55 per cent in yesterday’s trade.