Sensex halts 3-session slide; recovers 266 pts on IIP data
In a volatile trade, the BSE benchmark Sensex today snapped 3-day losing streak, gaining over 266 points as funds and retail investors entered a fresh round of buying, buoyed by the 10.8% industrial growth in October.business Updated: Dec 10, 2010 17:14 IST
In a volatile trade, the BSE benchmark Sensex on Friday snapped 3-day losing streak, gaining over 266 points as funds and retail investors entered a fresh round of buying, buoyed by the 10.8% industrial growth in October.
The Bombay Stock Exchange sensitive index, after losing nearly 740 points in last three trading sessions, recovered partially to close the session at 19,508.89 points, a significant rise of 266.53 points, or 1.39% over the previous close.
All the sectoral indices, led by consumer durables and banking, ended in the positive territory with gains of up to 3.20%.
The barometer of the market moved between 19,074.57 and 19,492.37 during the day as investors returned to buy recently battered stocks like consumer durables, oil and gas, banking, metal and stocks.
The broad-based National Stock Exchange index Nifty also recovered 90.85 points, or 1.58%, to 5,857.35 after shuttling between 5,721.15 and 5,865.50.
Trading sentiment, which remained extremely weak in the past three sessions on a series of negative factors, changed for the better after industrial output in October rose by 10.8%, triggering widespread buying.
Later, higher opening on the European bourses also influenced the trading sentiments on the BSE, brokers said.
"Market participants accumulated frontline stocks, which became attractive after recent slide", said Manoj Choraria, a Delhi-based broker.
The Consumer Durables index gained the most, rising 3.60 per cent to 5,970.47 as stocks of Videocon Industries and Titan Industries recovered by 6.63% and 2.85%.
The Banking index was the second best performer among sectoral indices, gaining 2.94 per cent at 13,017.08. It was followed by oil and gas index, which rose by 2.23% to 10,397.68, as Reliance Industries rose 4 per cent and ONGC by 0.03%.
The BSE Metal index, up 1.43% at 15,966.22 as Sterlite Ind, the biggest copper producer, recovered 1.73% while Tata Steel moved up by 2.28%.