Sensex up 225 points on higher Asian cues

Mumbai, Jun 30: The benchmark BSE Sensex bounced back by 225 points in early trade on fresh buying in banking, capital goods, consumer durables, power and realty stocks on the back of higher Asian cues.

Asian stocks firmed up ahead of a packed week of economic data that will test investor hopes for a pick-up in the US as well as the global economy. ONGC rose 1.84 per cent in early trade as its board has approved the proposal for redevelopment of its giant offshore field — Mumbai High (North) — involving a capital investment of Rs 5,706.47 crore on last Friday.

The Sensex resumed higher at 25,179.55 and firmed up further to a high of 25,368.01 before quoting 25,324.75 at 1000 hours, showing a gain of 224.83 points, or 0.90 per cent, from its last weekend’s level. The NSE 50-share Nifty also rose 70.25 points, or 0.94 per cent, to 7,579.05 at 1000 hours.

Other gainers were – SBI (2.07 per cent), Larsen (1.82 per cent), Tata Power (1.73 per cent), HDFC Bank (1.67 per cent), ICICI Bank (1.48 per cent) and HDFC (1.48 per cent). Foreign portfolio investors (FPIs) bought shares worth a net Rs 182.55 crore on last Friday, as per provisional data from the stock exchanges.

Asian markets were trading higher in their early trade as key benchmark indices in Hong Kong, China, South Korea and Taiwan rose 0.27-0.72 per cent while indices in Japan and Singapore fell 0.17-0.22 per cent. US stocks ended modestly higher on last Friday, led by technology shares, though downbeat second-quarter and full-year forecasts from DuPont, kept a lid on gains.