Sensex snaps 5-day losing streak, ends by 41 points higher
Snapping its five-day losing streak, the BSE benchmark Sensex on Monday ended 41 points higher at 22,445.12 after surrendering early gains on profit-booking in highly volatile trade.business Updated: May 05, 2014 18:26 IST
Snapping its five-day losing streak, the BSE benchmark Sensex on Monday ended 41 points higher at 22,445.12 after surrendering early gains on profit-booking in highly volatile trade.
After a promising start, the 30-share index rose further to 22,592.03 but soon profit-booking set in as investors adopted a cautious approach ahead of Lok Sabha election results on May 16.
It finally settled the day at 22,445.12, a gain of 41.23 points or 0.18% from its previous level.
The key index had lost 472.65 points, or 2.07%, in the previous five sessions.
The NSE's Nifty moved up 4.55 points to 6,699.35.
Major gainers were Hinadlco 4.80%, ONGC 1.93%, RIL 1.82%, Tata Steel 1.68%, Larsen 1.62%, Axis Bank 1.47% and ITC 1.22%.
HDFC dropped by 2.30%, followed by Cipla 2.14%, Tata Power 1.56%, Bharti Airtel 1.41%, Infosys 1.36% and Wirpo 1.29%
"Market is taking a cautious approach ahead of Lok Sabha elections results and profit booking is seen .... Weaker manufacturing activity reported last week has led to selling pressure. Some of the quarterly results reported so far have also failed to cheer market participants," said Rakesh Goyal, senior vice-president, Bonanza Portfolio.
Among the BSE sectoral indices, oil and gas rose by 1.53%, Metal 1.21%, capital goods 0.91%, FMCG 0.50% and bankex 0.40%, while Teck fell by 1.16%, IT 0.96%, realty 0.75% and healthcare 0.72%.
The market breadth turned negative as 1,493 stocks finished with losses, 1,254 stocks ended with gains while 124 rueld steady. The total turnover rose to Rs 2,435.17 crores from Rs 2,313.62 crs on last Friday.