Sensex recovers by 123 points, breaks 7-day falling streak
Emergence of value-buying in afternoon trade wiped off early losses and the Sensex settled higher by 122.67 points, or 0.39%, at 31,282.48.
The BSE Sensex on Thursday recovered by almost 123 points as buying by domestic investors in banking, pharma, metal and realty stocks after recent falls helped the index break its seven-session falling streak.
After a better opening at 31,216.36, the Sensex quickly slipped into the negative zone and hit a low of 31,081.83 in morning session as foreign funds continued to withdraw capital.
Emergence of value-buying in afternoon trade wiped off early losses and the Sensex settled higher by 122.67 points, or 0.39%, at 31,282.48. During the day, it also touched a high of 31,340.91.
The 50-share NSE Nifty ended up 33.20 points, or 0.34%, at 9,768.95 points. Intra-day, it shuttled between 9,687.55 and 9,789.20.
Since it was the last session for September derivatives contracts, speculators went about covering their short positions towards the close which accelerated the pace of recovery.
In the September expiry, Sensex plunged by 448.01 points, or 1.41% and Nifty tumbled 202.95 points, or 2.03%.
A mixed trend in Asia and a higher opening in Europe after the US stocks recovered following sweeping tax reforms plan unveiled by US President Donald Trump influenced sentiment here.
The rupee appreciated 22 paise intra-day against the dollar, to 65.50, which had a positive influence too, brokers said.
The 30-scrip gauge had lost 1,263.95 points in the previous seven sessions largely dragged down by sustained foreign fund outflows and falling rupee concerns.