Sensex ends higher in brisk trade
Sensex initially remained weak but ended higher by 16.05 points at 13,781.51, after touching the day's high of 13,806.37 and a low of 13,612.004.business Updated: May 09, 2007 19:38 IST
The stock market on Wednesday shook off a three-day losing streak, as the benchmark Sensex advanced on fag-end buying in heavy-weight stocks in banking and metal segments.
The Sensex, which was under selling pressure since the last three trading sessions, initially remained weak during the day but ended higher by 16.05 points at 13,781.51, after touching the day's high of 13,806.37 and a low of 13,612.004.
Similarly, the National Stock Exchange's Nifty index moved between 4,087.80 and 4,030.55 points, before closing higher by 2.30 points at 4,077.
Initially, the market declined on selling in information technology stocks led by Sensex-heaviest Infosys Technologies, as market judged the gain in the rupee against dollar would hurt earnings.
"The rupee's gain has dampened sentiment of exporters," said an NSE broker Rajiv Malik, adding that with the earnings season coming to an end, there were hardly any triggers to push up the market notably.
The rupee held at a high. Capital flows into the country increased, helping the rupee rise for nine weeks through May 4, the best run since May 2003.
However, a rise in heavy-weight banking and steel stocks wiped off early losses and supported the market to end with moderate gains. Banking index gained 98.71 points at 6,851.35, capital goods index by 45.57 points at 9,945.29 and metal index by 34.35 points at 9,966.89.