Sensex gains in mid session (2.40 pm)

MUMBAI: The Sensex bounce back at mid session after the initial jerks in the morning trade on Friday. AT 2.40 pm, it was up by 169.56 points at 11,304.55. The Sensex slipped into the negative zone and touched a low of 11,070 in the early mid session.

The wide-based National Stock Exchange's Nifty was up by 48.20 points at 3,471.90. The Bombay Stock Exchange benchmark Sensex moved up initially by over 80 points in opening trade, on funds buying even as heavy-weight Reliance Industries reported a nine per cent drop in its fourth quarter earnings. The Sensex, advanced by 80.30 points, or 0.72 per cent, to trade higher at 11,215.29 points with banking, metal and auto sector stocks leading the rally.

Stock brokers said overnight gains on the US markets and mixed trend in regional markets in early trade today mainly buoyed the trading sentiments on the domestic markets. Banking shares were in good demand after HDFC Bank posted encouraging Q4 earnings. Major gainers in the banking sector were HDFC Bank, up by 1.14 per cent to Rs 1,105, ICICI Bank by 2.01 per cent to Rs 432.10 and State Bank of India by 1.60 per cent to Rs 1,286.