Sensex Opens Higher As Chinese Markets Stage Recovery

Published: Friday, January 8, 2016, 9:32 [IST]

Benchmark indices opened the day higher as Chinese markets saw some recovery in trade, leading to fresh buying in stocks across Asia.

Sensex Opens Higher As Chinese Markets Stage Recovery

The Sensex was trading higher by 191 points at 25,043 points, while the Nifty was up 53 points at 25,051 points.

Reliance was leading gainers with the stock up more than one per cent in trade. Banking stocks which also hit 52-week lows on Thursday saw some recovery. Punjab National Bank, State Bank of India and Canara Bank were all higher.

Axis Bank in which a SUUTI sale by the government is likely also rallied 2 per cent. Tata Motors, which fell sharply on Thursday, following growth worries in China also saw some buying support. The stock was up 2 per cent.

China is the biggest market for Tata Motors. Nifty stocks that were weak in trade were ICICI Bank, Hindustan Unilever, Cipla and Dr Reddy's Laboratories.

L&T Ltd saw some buying support after reports that its hydrocarbon arm, has bagged an offshore contract from state-run ONGCB.

HDFC was trading higher on reports of fund raising plans. Sun Pharma and Tata Steel were the top gainers from the Sensex. ONGC and Cairn India saw some recovery in their share prices after crude prices gained.

Meanwhile, most Asian markets were trading with gains led by the Shanghai Composite, which jumped 2 per cent in trade.

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Story first published: Friday, January 8, 2016, 9:32 [IST]