The benchmark BSE Sensex surged by

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over 300 points and NSE Nifty regained the 9,900 level in

afternoon trade today on bargain hunting following yesterday's

steep losses fuelled by North Korea's missile launch over

Japan.

Across the board buying in metal, oil&Gas, energy,

realty, industrials, financials, auto, capital goods, consumer

durables and banks helped indices to recover most of the

losses.

Hectic shortcovering ahead of August derivative expiry

tomorrow amid positive trend in Asian markets as North Korean

concerns diminished supported the sentiment.

The 30-share Sensex opened gap-up at 31,534.57. Later it

surged to 31,701.67, a gain of of 313.28 points or 1.00 per

cent as HDFC, RIL, HDFC Bank, L&T and ICICI Bank recovered

from yesterday's heavy losses.

The 50-share Nifty regained the 9,900 level, surging by

104.30 points or 1.06 per cent to 9,900.35 at 1210 hrs.

Major gainers were HDFC 1.68 pct, Reliance 1.68 pct,

Adani Ports 1.49 pct, HeroMotoco 1.32 pct, Dr Reddy 1.14 pct

and Tata Motors 1.09 pct.

Foreign portfolio investors (FPIs) sold shares worth Rs

1,459.64 crore on net basis yesterday, showed provisional

data. Domestic institutional investors (DIIs) bought shares

worth Rs 1,391.33 crore.

Most Asian markets gained after US President Donald

Trump's measured response to North Korean missile launches and

comments from Kim Jong Un suggested geopolitical tensions will

ease off.

North Korea's latest missile launch jolted the US stock

market yesterday but major indexes pulled back from those

early losses and mostly finished higher as the weakening

dollar gave technology and industrial companies a boost.

-- Rupee up 7 paise vs US dollar at 63.95 --

The rupee was trading up by 7 paise to 63.95 per dollar

in late morning session today on sustained bouts of dollar

selling from banks and exporters amid higher local equities.

The rupee resumed higher at 63.97 per dollar at the

interbank foreign exchange (Forex) against yesterday's closing

level of Rs 64.02 per dollar.

Later, the domestic unit hovered between 63.98 and 63.93

during morning deals. It was quoting at 63.95 at 1040 hrs.

Overseas, the US dollar recovered from lows against

major rivals in early Asian trade, while pulling away from the

previous session s 4-1/2 month lows against the yen as

investors concerns over North Korea s latest missile test

eased for now.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)