Sensex snaps eight-day string of losses, gains 100 pts
The BSE benchmark Sensex today recovered by over 50 points in early trade, snapping its eight-session losing streak, on fresh buying by funds and retailers ahead of industrial output data, amid a firming trend in other Asian bourses.business Updated: Feb 12, 2013 16:50 IST
Indian stock market today closed higher for the first time in nine days with BSE benchmark Sensex rising by over 100 points to close at 19,561.04 on value-buying in ONGC, HDFC Bank, Tata Motors and RIL scrips amid investors shrugging off IIP and inflation disappointment.
The Sensex, which had lost 545 points in last eight sessions to mark its longest losing streak since May 2011, bounced back by 100.47 points, or 0.52% to end at 19,561.04.
ONGC led the 17 gainers in 30-share Sensex by rising 3.81%, followed by Sun Pharma, Tata Motors, Coal India and Bharti Airtel.
Brokers said investors bought fundamentally strong stocks available at attractive lower levels and ignored the lower industrial data and higher retail inflation.
Industrial output contracted by 0.6% in December mainly due to muted activities in manufacturing and mining sectors.
"While this shows a poor performance on the industrial front, markets actually gathered an upward momentum. This suggests that the bad numbers are now factored in," said Nagzi K Rita, CMD, Inventure Growth and Securities.
Retail inflation remained in double digits at 10.79% in January, driven by higher prices of vegetables, edible oil, cereals and protein-based items.
The broad-based National Stock Exchange index Nifty rose by 24.65 points, or 0.42% to 5,922.50.
Sectorally, the Oil and Gas index gained the most by rising 1.52%, followed by Healthcare that rose 1.19% and the PSU index which gained 1.15%.
Realty was the worst performer as it lost nearly 4%. Unitech crashed 18% after CBI removed a public prosecutor from the 2G spectrum case to verify his alleged discussions on prosecution strategy with the realty firm's MD.
Among other major losers, Jindal Steel closed over 3.3% lower.