Financials News

Sensex surges over 100 points on positive IIP data

Sensex surges over 100 points on positive IIP data

Market benchmark BSE Sensex advanced about 121 points to 27,928.76 in early trade on Wednesday, on the back of positive macroeconomic data.

Besides, a firming trend in other Asian markets, tracking another record closing on the US markets in Tuesday’s trade, buoyed sentiment.

The 30-share barometer spurted 120.62 points or 0.43% to 27,928.76 with all the sectoral indices, led by metal, oil & gas, PSU and power, rising up to 1.51%.

The gauge had gained 681.24 points in the previous two days.

The NSE index Nifty climbed 29.20 points or 0.34% to 8,550.25.

Brokers said buying activity picked up on positive economic data as industrial production expanded at 1.2% in May after a revised reading of -1.3% in April, mainly due to uptick in consumer durables output.

However, retail inflation inching up to a 22-month high level of 5.77% in June restricted the gains, they said.

Among other Asian markets, Japan’s Nikkei rose 1% while Hong Kong’s Hang Seng was up 0.47% in early trade. China’s Shanghai Composite index rose 0.29%.

The US Dow Jones Industrial Average had gained 0.66 per cent to close at record high in Tuesday’s trade.