Sensex opens higher despite weak macro data

Mumbai, May 14  The benchmark BSE Sensex rose over 53 points in early trade today despite disappointing macroeconomic data. The 30-share barometer, which had gained 289.52 points in the previous session, was trading higher by 53.21 points, or 0.14 per cent, at 35,589, with realty, oil and gas, healthcare, PSU, banking and capital goods stocks leading the gains. On similar lines, the NSE Nifty went up by 15.55 points, or 0.14 per cent, to 10,822.05. Industrial output growth fell to a five-month low of 4.4 per cent in March due to a decline in capital goods production and deceleration in mining activity and power generation, according to official data released after market hours on Friday. Inflation data will be released later today. A firm trend at other Asian markets following positive leads from Wall Street and unabated buying by domestic institutional investors (DIIs) supported the gains, brokers said. DIIs bought shares worth a net Rs 1,163.35 crore, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 325.44 crore on Friday, as per provisional data. On the political front, most exit polls indicated a tight race between the BJP and Congress in Karnataka, where assembly elections were held on Saturday. Major gainers were Sun Pharma, Dr Reddy's, HDFC Bank, Axis Bank, Wipro, IndusInd Bank, Tata Steel, ITC Ltd, Hero MotoCorp, SBI and HUL, rising up to 1.83 per cent. Globally, Hong Kong's Hang Seng was up 1.29 per cent, Shanghai's Composite index rose 0.55 per cent, while Japan's Nikkei gained 0.24 per cent in early trade. The US Dow Jones Industrial Average ended 0.37 per cent higher on Friday.
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