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Sensex up 49 points in early trade on global cues

Sensex up 49 points in early trade on global cues Extending its rising streak for the fourth straight session, the benchmark BSE Sensex rose over 49 points in early trade on Tuesday on the back of a firming trend overseas amidst covering-up of short positions by speculators ahead of monthly expiry in the derivatives segment on Wednesday.

The 30-share barometer moved up by 49.46 points, or 0.18 per cent, to 27,751.25 with capital goods, auto, banking and consumer durables sector stocks, leading the rise. The gauge had rallied by 991.66 points in the previous three sessions.

Similarly, the National Stock Exchange index Nifty rose by 10.10 points, or 0.12 per cent, to 8,334.10.

Brokers said buying activity gathered momentum on strong cues from global markets with the Russian ruble gaining some stability amid higher opening at other Asian markets, following overnight gains in U.S. markets ahead of economic data releases.

Further, covering-up of pending short positions by speculators in view of monthly settlement in the derivatives segment as markets will remain closed on Thursday on account of Christmas, also supported the rise, they said.

Among other Asian markets, Hong Kong’s Hang Seng index was up by 0.29 per cent in early trade, while Japan’s financial markets will remain closed on Tuesday for a public holiday.

The U.S. Dow Jones Industrial Average ended 0.87 per cent higher in Monday’s trade.