Sensex recovers 166 points on value-buying, Asian cues

Market benchmark Sensex rebounded over 166 points in early trade today on value-buying by investors in select bluechips amid a recovery in Asian markets.

The 30-share index was trading higher by 166.41 points or 0.65 per cent to 25,603.38 with all the sectoral indices led by auto and capital goods leading the recovery.

The gauge had lost 169.65 points yesterday on plunge in Tokyo equities and disappointing domestic corporate earnings along with a fall in manufacturing sector activity.

The NSE Nifty was up 57.25 points or 0.73 per cent at 7,863.15 in early trade.

Brokers said value-buying in select bluechips coupled with a slightly better trend in other regional markets following overnight gains in the US, influenced sentiment here.

Besides, encouraging auto sales numbers in April triggered buying, they added.

Among other Asian markets, Shanghai Composite Index was up 1.59 per cent, while Sydney was up 0.9 per cent, Seoul gained 0.2 per cent and Wellington put on 0.6 per cent. Manila and Jakarta were also higher. However, Hong Kong’s Hang Seng shed 0.72 per cent.

Japanese financial markets are closed today for a public holiday.

The US Dow Jones Industrial Average ended 0.66 per cent higher in yesterday’s trade.