Sensex regains 28K-level, soars 278 pts in early trade

Taking cues from upbeat global markets, the BSE Sensex recaptured the 28,000-level by surging 278 points and NSE Nifty breached the 8,600-mark in early trade today on continued buying by investors ahead of IIP and inflation data scheduled to be released later in the day.

US stocks closed at record highs on Thursday as surging oil prices and strong earnings buoyed investor sentiment, giving a boost to Asian markets.

In the domestic market, the 30-share Sensex was trading 278.52 points, or 1 per cent, higher at 28,138.12 in early trade today with all sectoral indices led by FMCG, metal, capital goods and bank stocks in the positive zone.

The gauge had gained 84.72 points in yesterday’s trade.

The NSE Nifty also regained the crucial 8,600-mark by rising 73.90 points, or 0.86 per cent, to 8,666.05.

Dealers said widening of positions by participants ahead of key economic data — industrial production (IIP) for June and consumer price index (CPI) for July — to be released after market closing today also added to the upbeat investor sentiment.

The Dow Jones industrial average (DJIA) rose 117.86 points, or 0.64 per cent, to 18,613.52; the S&P 500 gained 10.3 points, or 0.47 per cent, to 2,185.79 and the Nasdaq Composite Index added 23.81 points, or 0.46 per cent, to 5,228.40.

In regional markets, Japan’s Nikkei was up 0.72 per cent while Hong Kong’s Hang Seng gained 0.67 per in early trade today. China’s main Shanghai Composite Index edged up by 0.67 per cent.