Sensex recovers 56 points ahead of IIP data

The BSE Sensex on Thursday gained nearly 56 points in early trade on selective buying in oil, IT and banking stocks ahead of industrial output data for April to be released later in the day.

The 30-share index, which had retreated from record high by losing almost 110 points in the last session, recovered 55.77 points, or 0.22 per cent, to 25,529.66 in early trade.

The National Stock Exchange Nifty moved up by 4.35 points, or 0.06 per cent, to 7,631.20. It breached 7,700 level for the first time on Wednesday.

Brokers said fresh buying by funds and retail investors ahead of industrial production data for April and Consumer Price Index Inflation for May to be released later in the day contributed to the gains.

Stocks of IT, healthcare, oil and gas, realty, capital goods and metal sectors led the gains.

Oil major ONGC was trading up by 1.55 per cent, HDFC by 1.19 per cent, and Hindalco by 1.35 per cent.

Infosys, which announced appointment of new CEO and MD today, was trading up by 1.14 per cent.

Brokers said a weakening trend on the other Asian markets following overnight losses on the US bourses, limited the gains on the domestic markets.

Among other Asian markets, Hong Kong’s Hang Seng was down 0.80 per cent while Japan’s Nikkei fell 0.84 per cent in early trade.

The US Dow Jones Industrial Average ended 0.60 per cent lower in Wednesday’s trade.