Sensex recovers by 38 pts in late morning trade

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The BSE benchmark Sensex was up 38 points in the late morning trade on mild buying mainly in Metal, PSU, Oil&Gas, Consumer Durables and Healthcare sectors.
Metal stocks rose after a report showed China's manufacturing unexpectedly expanded in August. It is the world's largest consumer of copper and aluminium. China's Shanghai Composite index rose 0.09 per cent.
However, the market is still under pressure as the rupee hit a new record low of 65 against the dollar after minutes of the Federal Reserve's last meeting signalled the US central bank was on course to pare bond purchases this year.
The Sensex resumed lower at l7,896.84 and dropped further to 17,759.59. But, it recovered immediately to 18,007.27 before quoting at 17,943.63 at 1040 hrs, showing a gain of 37.72 points or 0.21 per cent from its last close.

The NSE 50-share Nifty also moved up marginally by 2.10 points or 0.04 per cent to 5,304.65 at 1040 hrs.
Major gainers were Tata Steel (3.91 pc), ONGC (3.27 pc), Sterlite (2.90 pc), Jindal Steel (2.67 pc) and Bharti Airtel (2.33 pc).

Foreign institutional investors (FIIs) sold shares worth a net Rs 792.11 crore yesterday as per provisional data from the stock exchanges.
Major Asian bourses fell in their early trade following the announcement of minutes of the Federal Reserve's last meeting.
Key benchmark indices in Singapore, Hong Kong, Japan, Taiwan, Indonesia and South Korea were down by 0.42 per cent to 2.34 per cent.