Sensex regains 38,000

Domestic stocks logged strong gains on steady buying demand in index pivotals. The barometer index, the S&P BSE Sensex, gained 424.50 points or 1.12% at 38,233.41. The Nifty 50 index gained 129 points or 1.14% at 11,483.25. The Sensex ended well above the psychological 38,000 mark after day's high above that level in intraday trade.

The S&P BSE Mid-Cap index rose 1.09%. The S&P BSE Small-Cap index rose 0.66%.

Among the sectoral indices on BSE, the S&P BSE Bankex (up 2.19%), the S&P BSE Energy index (up 2.14%), the S&P BSE Power index (up 1.7%), outperformed the Sensex. The S&P BSE Teck index (down 0.41%), the S&P BSE IT index (down 0.58%), the S&P BSE Capital Goods index (up 0.15%) underperformed the Sensex.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.8450, compared with closing of 68.96 during the previous trading session.

Overseas, European shares were trading higher, shrugging off uncertainty over Britain's exit from the European Union.

Asian stocks ended higher, a day after a regional sell-off sparked by fresh worries of a coming U.S. recession. US stocks closed mostly lower Monday after data showing weakness on the global economic front triggered heavy losses at the end of last week while investors continued to fret over the inversion of the yield curve. However, the Dow bucked the trend to rise as shares of Boeing Co. rallied after recent losses.

In global commodities markets, Brent crude oil futures edged lower. Brent for May 2019 settlement was up 58 cents at $67.79 a barrel.

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