Sensex rallies 176 points in late morning deals

The BSE benchmark Sensex rallied 176.26 points in late morning trade amid sustained bouts of buying from funds and investors led by the key telecom, FMCG, IT, teck and oil & gas sectors.
Firm GDP data after market hours yesterday triggered the buying spree, while positive manufacturing PMI despite its slowest pace somewhat supported the sentiment.
The Sensex resumed higher at 26,684.46 and hovered in a range of 26,857.25 and 26,671.86, it was quoting at 26,844.22 at 1110 hours, showing a gain of 176.26 points or 0.66 per cent from its last close.
The NSE 50-share Nifty was also rose by 50.25 points or 0.62 per cent to quote at 8,210.35.

Major gainers were, Adani Ports 3.69 pct, Asian Paints 2.86 pct, Bharti Airtl 2.37 pct, TCS 2.21 pct, M&M 1.65 pct, and ITC 1.61 pct.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 114.52 crore yesterday, as per provisional data released by the stock exchanges.
Overseas, Asian stocks were trading mixed. US stocks also closed mixed yesterday as investors eyed economic reports for indications on the timing of the next rate hike.