Mumbai: Reversing an early weak trend, the BSE benchmark Sensex gained 75 points at mid-session on Tuesday on buying in bluechip led by banking stocks on expectations that a lower industrial growth would prompt the RBI to cut interest rate.
   
The Sensex, which had slipped to 16,553.47 at the outset, recovered sharply to trade 74.96, 0.44 percent, to 16,742.97 at 1300 hrs.
   
On similar lines, the wide-based National Stock Exchange index Nifty rose by 19.90 points, or 0.39 percent, to 5,074, after touching a low of 5,015.15 in early trade.
   
Brokers said industrial production growth rate slowed sharply to 0.1 percent in April from 5.3 percent in the previous year reflecting sluggish state of the economy that may prompt RBI to cut lending rates.
   
They said a firming trend in the Asian region further supported the market to recover from early losses.

(Agencies)

Latest News from Business News Desk