Sensex up 59 points in late morning trade

The benchmark S&P BSE Sensex rose 59 points in late morning trade today on sustained buying, mainly in IT, power, banking, capital goods and technology stocks amid firm global cues.
The Sensex resumed lower at 21,918.83 on initial selling, but recovered immediately to a high of 22,018.52 before quoting at 21,994.10 at 1015 hrs, showing a gain of 59.27 points, or 0.27 per cent, from its last close.
The 50-share NSE Nifty also moved up by 16.95 points, or 0.26 per cent, to 6,554.20 at 1015 hours.
The market sentiment was boosted by data showing that foreign funds made heavy purchases of domestic stocks on Monday.

Foreign institutional investors (FIIs) bought shares worth a net Rs 1,253.65 crore yesterday, as per provisional data from the stock exchanges.
Major gainers were Tata Power (3.42 per cent), ICICI Bank (2.43 per cent), BHEL (1.46 per cent), Wipro (1.05 per cent), L&T (1.02 per cent) and TCS (1.00 per cent).

Asian stocks rose yesterday as investors weighed data showing China's credit growth trailed estimates in February and awaited the conclusion of the Bank of Japan's policy meeting.
Key indices in China, South Korea, Hong Kong, Taiwan, Singapore and Japan were up between 0.14 per cent and 0.74 per cent.

US stocks slid on Monday, pulling the Standard & Poor's 500 Index down from a record, as a slowdown in Chinese exports fuelled concerns over global economic growth.