Sensex jumps 115 points to halt 3-day losing streak
Market benchmark Sensex on Thursday snapped a three-session losing spree as it jumped by 115 points to 24,338.43 .business Updated: Feb 04, 2016 17:05 IST
Market benchmark Sensex on Thursday snapped a three-session losing spree as it jumped by 115 points to 24,338.43 and in the process, recovered from a two-week low on value-buying in recently beaten-down stocks.
In addition, the rupee supported the recovery as it appreciated by 37 paise to 67.70 intra-day against the dollar.
Higher Asian shares and a better opening in European markets, tracking overnight gains in the US on rebound in oil prices, triggered fresh buying but investor concerns remained over muted quarterly results, equity brokers said.
The 30-share Sensex swung widely on alternate bouts of buying and selling, before settling at 24,338.43, higher by 115.11 or 0.48% Intra-day, it moved between 24,514.01 and 24,224.74.
The gauge had lost 647.37 points in the previous three days on sustained foreign fund outflows amid global rout on concerns over slowing growth after oil prices resumed slide.
The broad-based NSE Nifty reclaimed the crucial 7,400-mark by recovering 42.20 points or 0.57%, to 7,404 after touching a high of 7,457.05 and a low of 7,365.95.
Brokers said investors resumed buying in recently battered blue-chips that turned attractive at existing levels amid a firming trend in global markets after oil rebounded and speculation that the US Federal Reserve might opt to not raise interest rates this year.
ONGC surged the most rising 3.28%, followed by Asian Paint, L&T, Adani Ports and Tata Motors.
Of the 30 Sensex components, 18 ended in the positive zone while 12 led by Lupin, NTPC, Cipla, SBI, Bajaj Auto GAIL, Maruti Suzuki, M&M and RIL ended in red with losses.
Sectorally, metal index gained the most by rising 2.48%, followed by capital goods (1.93%), IT (0.92%), consumer durables (0.86%), infrastructure (0.84%), power (0.84%), auto (0.52%) and FMCG (0.23%).
However, in broader markets, small-cap and mid-cap indices ended in red with losses up to 0.75% as investors engaged in trimming their bets.
Indices in other Asian markets, including those in Shanghai, Hong Kong and Singapore ended higher, while Japan’s Nikkei declined 0.85%. European markets was also higher in their early trade.