Sensex Gains 146 Points on Global Cues

Mumbai, May 7 (PTI) Market benchmark Sensex surged over 146 points in opening trade today on fresh buying by domestic institutional investors amid a strengthening rupee.

Asian markets were also trading in the green as weaker-than-expected US wage growth helped calm investor fears about rising interest rates and inflation.

Meanwhile, investors digested last week's trade talks between the US and China in Beijing, where consensus emerged on some issues.

The 30-share Sensex rose by 146.18 points, or 0.41 per cent, to 35,061.56 in early trade. The gauge had lost 261.04 points in the previous two sessions.

All the sectoral indices, led by consumer durables, realty, IT, teck and banking, were trading in the green with gains of up to 1.56 per cent.

The broad-based NSE Nifty too rose by 41.55 points or 0.39 per cent to 10,659.80.

Major gainers that supported the recovery were M&M, Bharti Airtel, Bajaj Auto, Infosys, ICICI Bank, Axis Bank, Wipro, Kotak Bank, ONGC, ITC, Tata Steel, SBI, RIL, Tata Motors, L&T and Yes Bank, rising up to 1.76 per cent.

Brokers said buying by domestic institutional investors and retail investors amid a firm trend at other Asian bourses following strong closing on Wall Street led the markets higher.

Meanwhile, domestic institutional investors bought shares worth a net Rs 1,084.09 crore, while foreign portfolio investors sold shares worth Rs 1,628.23 crore on Friday, provisional data showed.

In the Asian region, Hong Kong's Hang Seng was up 0.52 per cent and Shanghai Composite Index rose 1.06 per cent, while Japan's Nikkei shed 0.45 per cent in early trade.

The US Dow Jones Industrial Average ended 1.39 per cent higher in Friday's trade.

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