Markets recover after initial slump; Sensex gains over 100 points, Nifty reclaims 11,000
The BSE Sensex was trading higher by 179.91 points in late morning deals on Tuesday on bouts of bargain hunting and value buying in recently hammered stocks in healthcare, consumer durables, IT, tech, auto, banks, metal and FMCG sectors, amid higher Asian cues.
Rising crude and global trade tensions weighed on market sentiment ahead of the US Federal Reserve's meeting.
Telecom, utilities, realty, oil and gas and power witnessed selling.
The 30-share index was trading lower at 36,484.93 with a gain of 179.91 points, or 0.50 per cent, at 1055 hrs.
The broader Nifty50 index trading reclaimed the 11,000-level, up 44.65 points, or 0.41 per cent, at 11,012.05.
Major gainers were Yes Bank, Sun Pharma, Axis Bank, Asian Paints and IndusInd Bank, rising up to 3.16 per cent.
Losers include PowerGrid, Adani Ports, Bharti Airtel, Tata Steel and Kotak Bank, falling up to 1.86 per cent.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 523.94 crore on a net basis, while domestic institutional investors (DIIs) bought equities to the tune of Rs 1,527.67 crore Monday, provisional data showed.
Most Asian markets were trading higher. Exchanges in Hong Kong and South Korea are closed for public holidays.
Investors were cautious as the latest round of US-China tariffs revived fears the trade dispute would knock down global growth, while crude oil surged near four-year highs after Saudi Arabia and Russia ruled out immediate production increases.
US stocks closed mostly lower on US-China trade war concerns. Investors were also looking ahead to the Federal Reserve's two-day monetary policy meeting.
