Sensex up 25 points in morning trade

Mumbai, May 28 : The benchmark BSE Sensex recovered by 25 points in morning trade on fresh buying in capital goods and power sector stocks on the back of higher global cues despite selling in metal and realty sectors. The market may remain volatile in the near future ahead of the expiry of futures & options (F&O) May contract tomorrow.

The Sensex resumed higher at 24,591.61 and hovered in a range of 24,643.33 and 24,552.76 before quoting at 24,574.55 at 1000 hrs, showing a gain of 25.04 points, or 0.10 per cent, from its last close. The NSE 50-share Nifty also moved up by 8.50 points, or 0.12 per cent, to 7,326.50 at 1000 hrs.

Major gainers were BHEL (3.28 per cent), Hero Motocorp (2.02 per cent), Maruti Suzuki (1.55 per cent), Larsen (1.36 per cent), Bharti Airtel (0.85 per cent) and ICICI Bank (0.76 per cent). Asian stocks rose in their early trade after China reported industrial profits. Key benchmark indices in Hong Kong, Indonesia, South Korea, Taiwan, China, Singapore and Japan were up 0.04-0.63 per cent.

US stocks rose yesterday as the S&P 500 index scored a second straight record close, buoyed by the latest round of merger activity and as expectations for rate cuts by the European Central Bank stoked investors’ appetite for equities. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 202.61 crore yesterday, as per provisional data from the stock exchanges.