Mumbai: The benchmark BSE Sensex recovered over 56 points in opening trade on Wednesday on hopes of a rate cut by the Reserve Bank and encouraging corporate earnings.
The 30-share index, which had lost 104.12 points in the previous session, rose by 56.48 points or 0.19 percent, higher at 28,391.64, with consumer durables, metal, realty, auto and bank stocks leading the recovery.
The NSE Nifty also rose up by 10.60 points or 0.12 percent to 8,778.90.
Brokers said widening of bets by investors and funds on expectations that Reserve Bank might lower key interest rates at its bi-monthly monetary policy review, to be released later in the day, influenced sentiment.
Shares of Tata Steel surged 1.83 percent to Rs 481.90 after it was back in the black by posting a consolidated net profit of Rs 231.40 crore for the December quarter.
Among the major index gainers, Cipla, Gail, Wipro and Tata Motors rose up to 1.65 percent in early trade.
ITC fell by 1.17 percent a day after government sold its 2 percent stake in the FMCG firm that was held through SUUTI.
Shares of Tata group firm Titan Co Ltd also climbed 7.32 percent to Rs 422.20 after the company reported 13 percent increase in net profit at Rs 255.75 crore for the third quarter ended December 31, 2016.
Among other Asian markets, Japan's Nikkei was up 0.28 percent, while Hong Kong's Hang Seng fell 0.07 percent in early deals. Shanghai Composite Index shed 0.46 percent.
The US Dow Jones Industrial Average ended 0.19 percent higher in yesterday's trade.
