Sensex zooms over 500 points riding on positive global cues

MUMBAI: The

BSE Sensex
soared over 500 points on Wednesday riding on positive global cues and value buying.

The key indices made healthy gains during the mid-afternoon trade session as buying was witnessed in banks, automobile, capital goods, oil and gas and short article technology (IT) stocks.

The wider 51-scrip

Nifty
of the National Stock Exchange (NSE) edged up by 158.10 points or 2.04 percent, at 7,906.95 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened 25,432.10 points at 25,861.40 points, traded at 25,861.40 points (1.55 p.m.) – up 555 points from the previous close at 25,305.47 points.

All sectoral indices, led by realty, IT and banking, were in the green, gaining up to 1.62 per cent.

Brokers said pick-up in buying activity in recently beaten down stocks coupled along with covering-up of pending short position by speculators ahead of Thursday’s May month’s expiry in the derivatives segment had a positive impact too.

Besides, better-than-expected Q4 earnings by some corporates too influenced trading sentiments, they said.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 815.53 crore on Tuesday, as per provisional data released by the stock exchanges.

In overseas stock markets, Asian equities edged higher after encouraging reports on the US housing

market
saw sharp

gains in US stocks overnight.