Sensex rises 167 points in early trade on firm global cues

Mumbai: The BSE benchmark Sensex surged over 167 points, staging a strong recovery in early tradeon firm cues from global markets.

A stronger rupee against the dollar also influenced market sentiment.

The 30-share index was trading higher by 167.12 points, or 0.48 per cent, at 34,323.07. The gauge had lost 144.52 points in the previous session.

The NSE Nifty gained 47.45 points, or 0.45 per cent, to 10.548.35.

Widespread buying was seen in metal, healthcare and realty counters.

Major gainers were Adani ports, HDFC, ICICI Bank, SBI, Dr Reddy’s, Tata Motors, Yes Bank, Reliance Industries and Maruti Suzuki, rising up to 2.17 per cent.

Punjab National Bank dropped sharply by 8.47 per cent following the Rs 11,400 crore scam at one of its Mumbai branches.

Gitanjali Gems plunged nearly 19 per cent on reports over its involvement in the PNB fraud case.

Brokers said a firm trend at other Asian markets boosted investor sentiment, following overnight gains on Wall Street as investors shrugged off stronger-than-expected inflation data.

Meanwhile, Hong Kong’s Hang Seng was up 1.69 per cent and Shanghai Composite Index by rose 0.45 per cent in early trade. Japan’s Nikkei also gained 1.33 per cent.

The US Dow Jones Industrial Average ended 1.03 per cent higher on Wednesday.