Opening Bell: Sensex Rebounds 153 Points, Nifty Moved Up by 38 Points on Global Cues

Mumbai, May 24: The BSE Sensex rebounded about 153 points in opening trade today on fresh buying in IT, teck, capital goods and healthcare counters amid mixed overseas cues. Buying by domestic institutional investors and strengthening rupee also supported the recovery, brokers said. Asian stocks traded mixed amid caution over US-China trade relations. US stocks closed higher yesterday after minutes from the Federal Reserve's meeting reassured investors that the central bank will not be too aggressive with raising interest rates.

The 30-share Sensex rose 152.81 points, or 0.44 percent, to 34,497.72, with sectoral indices IT, teck, capital goods, healthcare, power, consumer durables, bankex and realty advancing by up to 1.77 percent. The gauge had lost 306.33 points in the previous session. The NSE Nifty also moved up by 38.15 points, or 0.36 percent, to 10,468.50. Major gainers were Infosys, Tata Steel, TCS, HDFC Ltd, Bharti Airtel, Coal India, Sun Pharma, Wipro, Yes Bank, Power Grid, Axis Bank and RIL, gaining up to 2.38 percent

State-run lender SBI also extended its gaining streak for the third straight session, inching up 0.32 percent to Rs 264.05. However, Tata Motors plunged 4.41 percent after the company yesterday reported a 49.82 percent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to a one-time impairment charge.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 789.78 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 311.11 crore yesterday, as per provisional data. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.32 percent while Shanghai Composite index was up 0.04 percent in early trade today. However, Japan's Nikkei fell 1.10 percent. The Dow Jones Industrial Average ended 0.21 percent higher in yesterday's trade but geopolitical and trade concerns continued to dent investor sentiment.

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