Sensex zooms 147 pts in early trade on corporate earnings

Mumbai: The Sensex recovered by 147 points in early trade today on sustained buying by foreign funds and retail investors after Reliance Industries reported better-than-expected earnings and exports rose 1.27 per cent in June.

Moreover, good progress in monsoon and mixed Asian markets influenced trading sentiments here. The 30-share index, which had lost 105.61 points in the previous session, rebounded 146.93 points or 0.52 per cent to 27,983.43 with auto, capital goods, banking, power, realty, oil & gas and metal, trading in positive zone, rising up to 0.89 per cent.

Similarly, the broader NSE Nifty was quoting 38.90 points or 0.45 per cent higher at 8,580.30. Buying activity gathered momentum after RIL, operator of the world’s largest single location refinery complex, reported a 18 per cent jump in June quarter net profit, brokers said.

Consolidated net profit at Rs 7,113 crore or Rs 24.1 per share in April-June period was 18.1 per cent higher than Rs 6,024 crore in the same period last fiscal. Meanwhile, India’s exports in June rose 1.27 per cent to USD 22.57 billion, snapping 18-month downward spiral.

Shares of Reliance Industries climbed 1.94 per cent to Rs 1,032.20 in early trade. Other gainers were Tata Motors, Maruti Suzuki, Bajaj Auto, Asian Paints, Axis Bank, Hero MotoCorp, Tata Steel and SBI.

A mixed trend in the Asian region also influenced buying, they said. Hong Kong’s Hang Seng was up 0.16 per cent in early trade today, while Japan’s markets are closed for a holiday. Shanghai Composite Index, however, fell 0.11 per cent.The US Dow Jones Industrial Average ended 0.05 per cent higher in Friday’s trade.

PTI