Sensex up 307 pts in morning trade on firm Asian cues

The benchmark BSE Sensex today rebounded sharply by 307 points in late morning trade to 28,744.47, tracking firm global cues.

Asian markets edged higher as investors positioned for the possibility that weaker-than-expected US data will prompt the Federal Reserve to adopt a cautious stance this week. US stocks closed sharply higher yesterday, as the USD rally paused ahead of the Federal Reserve's two-day policy meeting.

The 30-share index saw all sectoral indices trading in the green with healthcare, auto, FMCG, metal, consumer durable, bank and power segments leading the pack.

The benchmark S&P BSE Sensex resumed higher at 28,595.00 and improved further to quote at 28,744.47 at 1100 hrs, showing a rise of 306.76 points or 1.08 pct.

The 50-issue CNX Nifty of the NSE also bounced back by 92.80 points or 1.07 pct to quote at 8,725.95 at 11:00 hrs.

The prominent gainers from the sensex pack were, Hindalco 3.31 pct, SSlT 3.26 pct, Tata Motors, 3.09 pct, Dr Reddy 2.78 pct, Cipla 2.32 pct, Tata Steel 2.08 pct, HDFC 1.86 pct, Sun Pharma 1.78 pct, TCS 1.39 pct, Axis Bank 1.34 pct, ITC 1.21 pct and l&T 1.16 pct.

From Asia, key indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan were trading higher by 0.24 pct and 1.75 pct. The Dow Jones Industrial Average and the Nasdaq Composite Index closed up by 1.29 pct and 1.19 pct respectively on Wall Street yesterday.

Meanwhile FII's sold shares worth Rs 762.55 crore yesterday as per provisional data.