Sensex edges up on Asian stocks, Wipro leads

The BSE Sensex gained nearly 50 points on Monday tracking strength in Asian stocks. The broader Nifty held above the key 5,900 mark while the rupee traded higher against the dollar at 54.28 in early trade.

Asian shares rose to a 16-month high as investors took heart from economic data from China and the United States that raised hopes about the outlook for growth in the world's top two economies.

At 09.20 a.m., the Sensex traded 25 points or 0.13 per cent higher at 19,450 while the Nifty edged up 4 points to 5,912.

Independent analyst Sarvendra Srivastava said targets of 6,200-6,300 look possible on the Nifty.

"Bullish setups are intact. Markets have immediate support at 5,838-5,850 levels while 5,950 is the crucial upside pivot," he said.

Shares in Wipro, India's No.3 software services provider, rose over 2 per cent after the company said it will acquire L.D. Waxson Group - a Singapore-based consumer goods company - in an all-cash deal worth about $144 million. Wipro was the top gainer on the Nifty.

20 stocks on the Nifty-50 traded lower. Mining major Sesa Goa declined 2.7 per cent on reports that the company's merger with Sterlite Industries may be pushed back.


(With inputs from Reuters)