Sensex rises to 165 points in early trade, banks lead rally

Reversing its two-session losing run, benchmark BSE Sensex rebounded over 165 points in early trade today with banking stocks leading the recovery bid amid mixed Asian cues.

The 30-share index was trading higher by 165.46 points or 0.59 per cent to 28,170.83 with all sectoral indices led by banking, power and auto stocks leading the charge.

The 30-share index had lost 147.03 points in the previous two sessions. NSE Nifty also moved up by 46.45 points or 0.53 per cent to 8,670.50 in early trade.

Shares of state-run banks such as Canara Bank, SBI, Andhra Bank, Bank of India, Bank of Baroda and PNB gained up to 2 per cent. Brokers said revival of buying in bluechip stocks following overnight gains in the US mainly buoyed sentiment here.

Among other Asian markets, Hong Kong’s Hang Seng index was up 1.51 per cent, Shanghai Composite Index rose 0.11 per cent, while Japan was down 0.19 per cent in early trade today. The US Dow Jones Industrial Average ended 0.12 per cent higher in yesterday’s trade.