Sensex recovers by 98 points in late morning trade

Mumbai, May 7 (PTI) The benchmark BSE Sensex rebounded from its early losses in late morning trade to rise by 98 points led by buying in technology, auto and realty sectors.

However, the broader markets remained under pressure with the BSE midcap and smallcap indices falling on the back of lower overseas cues.

The 30-share index resumed slightly higher by 26,721.34 and hovered in a range of 26,850.37 and 26,570.56 before quoting 26,815.23 at 1035 hrs, showing a rise of 97.86 points or 0.37 per cent from its last close.

The NSE Nifty was also quoted higher by 15 points or 0.19 per cent to 8,112.00 at 1035 hrs.

Major gainer were TCS with a rise of 2.73 per cent, Bajaj Auto 2.43 per cent, Infosys 2.21 per cent, Bharti Airtel 1.81 per cent, Hero MotoCorp 1.25 per cent and BHEL 1.07 per cent.

However, Hindalco fell by 2.98 per cent, followed by RIL by 1.01 per cent, ICICI Bank 0.87 and GAIL 0.85 per cent.

Foreign portfolio investors sold shares worth Rs 1,699.60 crore and Domestic institutional investors bought shares worth Rs 1,454.97 crore yesterday, as per provisional data.

Overseas, Asian stocks edged lower in early trade, taking the lead from overnight losses in US stocks. Key indices in China, Hong Kong, Singapore, Taiwan, Indonesia, Japan and South Korea shed between 0.18 per cent and 1.41 per cent.

In the New York, US stocks ended lower yesterday, after US Federal Reserve Chairwoman Janet Yellen warned of high share valuations, adding to anxiety about future interest rates.