Mumbai: After a weak start, the Bombay Stock Exchange benchmark Sensex on Wednesday gained nearly 253 points at midsession on emergence of fresh buying by funds and retail investors.
The 30-share barometer, which had lost 248.04 points in the opening trade, recovered to trade in positive zone by rising 253.70 points to 11,220.92 points at 2:00pm, as most of the heavy-weight stocks led by realty recorded handsome gains.
In a similar manner, the National Stock Exchange index Nifty also rose by 76.85 points to 3,459.45.
At 12:52pm, the 30-share BSE index was up 0.9% at 11,068.52 points, with 22 stocks advancing. The benchmark rose as much as 1.02% to a high of 11,078.77 and the 50-share NSE Nifty was up 1.1% at 3,420.40.
The 30-share index, which had lost 248.04 points in the opening trade, recovered its losses and moved up by 88.92 points to 11,056.14 points at 11:30am as most of the heavy-weight stocks led by auto and capital goods sectors recorded handsome gains.
Sensex had snapped from a seven-session winning streak in the morning on emergence of selling by funds after IT major Infosys announced a disappointing Q4 earnings amid a weakening trend on the global markets.
Profit-booking at prevailing higher levels by speculators in index-related blue-chips stocks also dampened the trading sentiments, marketmen said.
Marketmen said selling pressure emerged after IT bellwether Infosys Technologies reported a 1.71% dip in its fourth quarter earnings at Rs1,613 crore.
They said weak trends on the global market after a surprising drop in US retail sales too dampened the trading sentiments on the domestic stock market.