Sensex surges 179 points, Nifty rises by 52 points in early trade

The early trading on Wednesday saw a recovery in equity benchmark indices, mostly as a result of strong purchasing in the metal, energy, and information technology sectors despite a generally unfavourable trend in global markets.

Following a solid start, the Sensex rose 179.53 points to 57,326.85 after declining in the previous three trading days. The Nifty rose 52.75 points to 17,036.30.

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HCL Technologies, Power Grid, NTPC, Mahindra & Mahindra, NTPC, Axis Bank, Wipro, Sun Pharma, Tech Mahindra, Tata Consultancy Services, Infosys, and Kotak Mahindra Bank were among the top gainers on the 30-share Sensex pack.

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Asian markets are trading mostly in red with Nikkei 225 falling 42.82 points or 0.16% to 26,358.43, Straits Times dropping 13.28 points or 0.43% to 3,091.72, Hang Seng plunging 330.96 points or 1.97% to 16,501.40, Taiwan Weighted slipped 21.43 points or 0.16% to 13,084.60, Jakarta Composite declined 51.43 points or 0.74% to 6,887.72 and Shanghai Composite was down by 36.55 points or 1.23% to 2,943.24, while KOSPI was up by 0.75 points or 0.03% to 2,192.82.

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The US markets ended on a mixed note on Tuesday. The S&P 500 fell 23.55 points, or 0.7%, to 3,588.84. The Dow Jones Industrial Average rose 36.31 points, or 0.1%, to 29,239.19. The Nasdaq fell 115.91 points, or 1.1%, to 10,426.19. The Russell 2000 index of smaller companies rose 1 point, or 0.1%, to 1,692.92.

On Tuesday, the Sensex fell 843.79 points, or 1.46%, to 57,147.32. The Nifty dropped 257.45 points, or 1.49%, to 16,983.55.

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Foreign institutional investors (FIIs) have sold shares worth a net of Rs 4,612.67 crore, whereas domestic institutional investors (DIIs) purchased shares worth a net of Rs 2,430.76 crore on October 11, as per provisional data available on the NSE.

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Meanwhile, Brent crude futures fell 0.64% to USD 93.70 a barrel. The rupee fell 14 paise to 82.35 versus the US dollar in early trade on Wednesday, as the US currency strengthened and foreign money outflows continued.