Sensex ends day 88 points up ahead of key macro data
Snapping its three day losing streak, the benchmark BSE Sensex recovered over 155 points in early trade on Friday as participants bought select blue-chip stocks ahead of IIP data to be released later in the day.business Updated: Jul 10, 2015 18:08 IST
The BSE benchmark Sensex remained choppy throughout the session on Friday, ending the day nearly 88 points up at 27,661.40 on some fag-end buying by participants ahead of the announcement of key IIP data.
The complete turnaround in Chinese stock market gave the sentiment a big lift. The government is slated to release data on industrial production (IIP) for May later in the day.
The 30-share barometer resumed in the positive terrain, hitting the day's high of 27,729.46. But with profit-booking kicking in, the index slipped into the negative territory and plunged to a low of 27,530.90.
However, some late-afternoon buying towards the fag end of the session helped it stage a comeback to close 87.74 points, or 0.32%, higher at 27,661.40. The gauge had dropped over 635.10 points in the previous three straight sessions after a rout in Shanghai shares and continued Greek debt concerns rattled investors.
On a weekly basis, the Sensex and the Nifty ended lower by 431.39 points (1.53%) and 124.35 points (1.46%), respectively, snapping three weeks of gains. Sentiment turned for the better after Shanghai Composite jumped 4.54% on the back of new government measures to tame market decline.
There were hopes that Greece is inching towards a loan deal with its international creditors this Sunday to avert bankruptcy and a Grexit. Technology stocks came under pressure after TCS posted muted first quarter numbers yesterday. It lost 1.96% whereas Infosys shed 0.07%.
The broader 50-share Nifty also edged up 32 points, or 0.38%, to 8,360.55 after shuttling between 8,377.10 and 8,315.40. Among index heavyweights, Vedanta was the top gainer while others such as Sun Pharma, BHEL, HDFC Bank, RIL and L&T too ended in the green.
Out of 30 Sensex components, 16 advanced and 14 lost. Sector-wise, banking stole the show, up 1.15 per cent, followed by healthcare, capital goods, metal and oil & gas. Buying activity also helped BSE small-cap and mid-cap indices close with modest gains.
Globally, a higher closing at most other Asian markets provided additional momentum to the Indian stocks.