Mumbai Domestic stock markets Sensex and Nifty recovered a bit due to value-based buying in early trade on Wednesday after heavy losses in the previous session. Forex traders said that higher crude oil prices, cautious stance ahead of the US Federal Reserve's policy decision and withdrawal of foreign capital, however, limited the market's gains.
BSE Sensex rose 244.02 points to 74,293.25 in early trade and NSE Nifty rose 77.20 points to 23,201.85. Among the 30 companies included in the Sensex, shares of Mahindra & Mahindra, Reliance Industries, Hindustan Unilever, HCL Tech, ITC and State Bank of India were the biggest gainers. Whereas shares of InterGlobe Aviation, Tata Steel, Tata Consultancy Services and Eternal remained in loss.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225, China's SSE Composite and Hong Kong's Hang Seng are trading in gains. US markets closed with a decline on Tuesday. The price of international oil standard Brent crude oil slipped 0.63 percent to $ 108.1 per barrel in futures trade, but its price still remains high.
Selling by foreign investors continues
According to stock market data, foreign institutional investors (FIIs) sold shares worth a net Rs 2,977.86 crore on Tuesday. On Tuesday, the Sensex closed at a three-month low of 74,003.82, down 777.94 points, or 1.04 percent. Nifty fell 279.50 points or 1.19 percent to close at 23,118.60, which was the lowest closing level since April 6.
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