Sensex up 90 points after initial losses at BSE

TAFF WRITER 11:20 HRS IST

Mumbai, Feb 9 (PTI) Reversing early trend, the Bombay Stock Exchange benchmark Sensex moved up nearly 90 points in late morning trade good buying in stocks, primarily IT shares, on the back of recovery in the Asian market.

The 30-share Sensex initially dropped to 15,862.90 after the US markets suffered a severe setback yesterday with the Dow sliding below the 10,000 mark. However, recovery in Asian markets cushioned any sharp fall.

The Sensex recovered afterwards to quote at 16,022.63 at 1110 hours, rising 87.02 points from its last close.

The NSE-50 share Nifty also looked up by 28.35 points to 4,788.75 at 1110 hours from yesterday's close.

IT stocks rose on bargain hunting after the recent fall.

However, banking shares declined on fears of a hike in interest rate following inflationary pressures in the domestic economy.

Asian indices were trading mixed in early today.