Sensex up by 24 points in early trade

The BSE benchmark Sensex moved up by 24 points in early trade on buying in realty, consumer durables, metal and power stocks despite selling in the IT, oil and gas, healthcare and auto sectors.

The Sensex resumed higher at 18,592.19 and hovered in a range between 18,622.56 and 18,516.54 before quoting at 18,585.84 at 1015 hours, showing a net gain of 23.92 points, or 0.13 per cent, from last weekend’s close.

However, the NSE’s 50-share Nifty index was down by 5.50 points, or 0.10 per cent, at 5,575.60.

Among the 30-member Sensex pack, 17 stocks fell, while the rest rose.

The major gainers in early trade were Hindalco (up 2.29 per cent), BHEL (1.36 per cent), DLF (1.33 per cent), Tata Power (1.06 per cent) and HDFC Bank (0.86 per cent).

However, Cipla declined by 1.60 per cent, TCS by 1.42 per cent, M&M by 0.88 per cent, NTPC by 0.61 per cent and ICICI Bank by 0.53 per cent.

Bank shares also dropped over worries that high interest rates may reduce demand for credit.

Asian stocks were mixed in early trade after U.S. President Barack Obama said the U.S. government is running out of time in negotiating an agreement to cut its fiscal deficit, hurting the outlook for Asian exporters.

The key benchmark indices in China, South Korea and Taiwan were down by 0.11 per cent to 0.61 per cent, while indices in Hong Kong, Singapore and Indonesia rose by about 0.22 per cent to 0.47 per cent in early trade today.

Japanese markets were closed for a holiday.