Sensex gains 122 points in early trade

Mumbai, July 7:  The benchmark BSE Sensex today gained over 122 points in early trade on sustained across-the-board buying by participants amid a rebound in Asian markets after  continuing its winning run for the third straight session.

The 30-share barometer rose 122.04 points or 0.43 per cent to 28,330.80. The gauge had gained 262.96 points in the past two sessions.

Stocks of HDFC, Axis Bank, Wipro, Tata Steel, SBI, ICICI Bank, Tata Motors, Coal India, M&M, GAIL, Bajaj Auto, Maruti Suzuki and NTPC were major gainers that supported the indices.

The NSE Nifty too advanced 32.75 points or 0.38 per cent to trade at 8,554.90.

Traders said increased buying by foreign funds and retail investors, dismissing any adverse fallout from the Greece crisis amid hopes of a rates cut by the Reserve Bank following reports of above-normal progress in monsoon so far buoyed trading sentiments.

Besides, further strength in the rupee which appreciated by 8 paise to 63.32 against the US dollar in early trade was another positive factor, they added.

Among other Asian markets, Japan's Nikkei was up by 1.36 per cent while Hong Kong's Hang Seng rose 0.62 per cent in early trade today.

The US Dow Jones Industrial Average, however, ended 0.26 per cent lower in yesterday's trade.

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