Domestic bourses recovered after falling for two straight sessions in early trade on Friday as the benchmark Sensex recovered over 150 points driven by a fresh round of buying ahead of the no-confidence debate in Lok Sabha on Friday.

Besides, persistent buying by domestic institutional investors (DIIs) too influenced sentiment.

The 30-share index, which had lost 168.73 points in the previous two sessions, was trading higher by 158.11 points, or 0.43%, at 36,509.34.

Sectoral indices led by IT, teck, capital goods, auto and banking stocks helped the recovery, rising by up to 1.31%.

The 50-share NSE Nifty reclaimed the 11,000 mark, quoting higher by 43.45 points, or 0.39%, at 11,000.55.

Major gainers in the Sensex pack were ICICI Bank, Infosys, Adani Ports, RIL, L&T, Axis Bank, Tata Steel, Wipro, SBI, TCS, Hero MotoCorp, SunPharma, Maruti Suzuki and ITC, rising up to 2.30%.

Meanwhile, DIIs bought shares worth a net of ₹470.02 crore on Thursday, while foreign portfolio investors (FPIs) sold shares to the tune of ₹315.69 crore, as per stock exchanges’ data.

Brokers said, expectations of the Modi government winning the first no-confidence motion it’s facing in four years in the Lok Sabha boosted investor sentiment.

However, a weak trend in other Asian markets after China allowed its yuan currency to slide further, forced investors on the domestic bourses to adopt a cautious approach, they added.

Meanwhile, following yuan’s fall, the rupee plunged to record low of 69.12 (intra-day) against the dollar at the forex market on Friday.

Elsewhere in Asia, Shanghai Composite Index shed 0.12%, while Hong Kong’s Hang Seng was down 0.60%. Japan’s Nikkei too fell 0.71%.

The US Dow Jones Industrial Average ended 0.53% down on Thursday.

Source: Read Full Article