Sensex recovers 253 pts on value buying, positive Asian cues

Market benchmark BSE Sensex rebounded from over 20-month low by climbing 253 points at 24,314.79 in early trade today on value-buying in blue-chips amid a firming trend at other Asian bourses despite an overnight slump in the US markets.
Besides, covering-up of short positions at existing attractive levels by speculators supported the recovery.
The 30-share index was trading higher by 252.75 points or 1.05 per cent at 24,314.79 with all sectoral indices led by banking, power, capital goods and metal, leading the recovery.
The gauge had lost 417.80 points in the previous session, tracking massive sell-off in global indexes on growth worries.

Besides, the NSE Nifty recovered by 71.80 points or 0.98 per cent to 7,381.10.
Equity brokers said value-buying in yesterday's battered blue-chips along with covering-up of short positions by speculators, helped Sensex bounce back from over 20-month low.

Furthermore, gains at other Asian markets despite an overnight plunge in the US markets influenced trading sentiments here, they said.
Among other Asian markets, Shanghai Composite index was up 0.46 per cent, while Japan's Nikkei rose 1.62 per cent in early trade today. Hong Kong's Hang Seng index was also trading 1.39 per cent higher.
The US Dow Jones Industrial Average, however, fell 1.56 per cent in yesterday's trade.