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Sensex snaps three-session losing streak

Impressive first-quarter earnings by SBI and the covering of short positions by speculators in the last session of the July contracts in derivatives helped the market to snap its three-session losing streak as the benchmark Sensex bounced back by almost 215 points.

business Updated: Jul 30, 2009 17:59 IST

Impressive first-quarter earnings by SBI and the covering of short positions by speculators in the last session of the July contracts in derivatives helped the market to snap its three-session losing streak as the benchmark Sensex bounced back by almost 215 points on Thursday.

Strong markets in Asia and Europe also buoyed sentiment. The Bombay Stock Exchange 30-share barometer ended the day higher by 214.50 points or 1.41 per cent at 15,387.96 in a highly volatile session. It moved between 15,065.48 and 15,409.91 during the day.

Similarly, the National Stock Exchange's Nifty shot up by 57.95 points at 4,571.45 after touching the day's low of
4,474.50 and a high of 4,582.35.

Banking, IT and and FMCG stocks were major contributors to the rise in the Sensex.

Market sentiment turned better after the country's largest lender, State Bank of India, reported a growth rate of
42 per cent in net profit at Rs 2,330.37 crore for the first quarter, beating analysts' estimates.

The BSE banking sector index surged 2.20 per cent to 8,305.91 as stocks of State Bank of India ended 4.01 per cent
higher at Rs 1,722.80.

Other gainers in this sector were ICICI Bank, which moved up 3.14 per cent to Rs 755.35, HDFC Bank 2.95 per cent to Rs 1,459.80 and Bank of India by 1.40 per cent to Rs 324.95.

Stocks of software exporters were in good demand as the fall in the rupee against the US dollar is expected to boost
their earnings because more than half their revenue comes from exports.

The IT index rose the most, 2.80 per cent, to 3,891.84 after Infosys Technologies was up 1.34 per cent to Rs
2,010.40, Tata Consultancy Services 6.04 per cent to Rs 530, Patni Computers 12.55 per cent at Rs 327.75 and Wipro Ltd 4.68 per cent to Rs 488.55.

The FMCG index was the second-best performer, rising 2.70 per cent to 2,654.14, followed by the Teck index, which ended 1.57 per cent to 2,915.23.

However, oil and gas fell 0.19 per cent to 9,235.04 after the stock of Reliance Industries fell 1.37 per cent to Rs 1,899.90 and Reliance Petro declined 0.96 per cent to Rs 118.50.