Mumbai: The benchmark BSE Sensex recovered sharply over 213 points in early trade on Wednesday powered by capital inflows by foreign funds and buying by retail investors amid a strong Asian trend.
Besides, better-than-expected Q1 earnings by Bharti Airtel buoyed sentiment.
The 30-share index, which had lost 115.13 points in the previous volatile session, gained back 213.52 points, or 0.76%, to 28,285.45.
All sectoral indices led by metal, IT and realty were in the positive zone, rising up to 1.73%.
The NSE Nifty too climbed 62.55 points, or 0.73%, to 8,579.45.
Brokers said emergence of buying in blue-chips on a solid earnings show by Bharti Airtel after Tuesday’s fall amid a firming Asian trend mainly got the momentum back.
Bharti Airtel was trading 2.88% higher at Rs 425.60 after the company yesterday reported about a 40% jump in consolidated net profit at Rs 1,554.3 crore in the first quarter of the current fiscal.
Meanwhile, in its third bi-monthly policy review of this fiscal yesterday, RBI kept the short-term lending rate, or repo rate, unchanged at 7.25% and the cash reserve ratio (CRR), the amount of deposits lenders park with RBI, at 4%.
Retaining the growth forecast at 7.6% for 2015-16, the central bank said the outlook is improving gradually.
In other markets in Asia, Hong Kong’s Hang Seng ticked up 0.22% while Japan’s Nikkei rose 0.81% in early trade Wednesday.
The US Dow Jones Industrial Average was down 0.27% in Tuesday’s trade.