Sensex closes 112 pts up; snaps 5-day losing streak
Snapping a five-day losing streak, the BSE benchmark Sensex today bounced back from its 4-month lows and closed 112.41 points higher led by capital goods, metal and IT stocks after higher trends in European markets.business Updated: May 15, 2012 17:10 IST
Snapping a five-day losing streak, the BSE benchmark Sensex today bounced back from its 4-month lows and closed 112.41 points higher led by capital goods, metal and IT stocks after higher trends in European markets.
The 30-share Sensex, which had lost nearly 700 points in last five sessions, gained 112.41 points, or 0.69 per cent to 16,328.25 after touching the day's high of 16,370.12.
Similarly, the broad-based National Stock Exchange index rose by 35 points, or 0.71 per cent to 4,942.80.
Brokers also said buying activity was mostly centred around IT and and capital goods on expectations the weak rupee against dollar might improve their margins. BSE-Capital Goods ended the session with over 3 per cent gains while BSE-IT settled 1.6 per cent higher.
The rupee today resumed lower at 54.05 per dollar as against yesterday's closing level of 53.96 per dollar and dropped further to 54.12 per dollar.
Market participants said a higher opening in European stock markets further influenced the local trading sentiment.
L&T with over 5.4 per cent gains was the biggest gainer among Sensex pack after the company announced attractive quarter earnings and said its order inflow would grow faster.
Sun Pharmaceutical Industries (3.2 pc), Sterlite Industries (31.6 pc), Infosys (3.13 pc) and Hero MotoCorp (2.65 pc) were other important gainers.
Banking and financial stocks were also in limelight. State Bank of India rose by 1.07 per cent to Rs 1,859.95, ICICI Bank by 2.20 per cent to Rs 816.70 and HDFC Ltd by 0.22 per cent to Rs 645.