Sensex recovers from 3-month low, closes 106 points up
The BSE Sensex on Monday rebounded from over three-month lows by rising 106 points to 25,150.35 on better-than-expected factory output data.business Updated: Dec 14, 2015 16:58 IST
The BSE Sensex on Monday rebounded from over three-month lows by rising 106 points to 25,150.35 on better-than-expected factory output data.
The October industrial production grew 9.8% on an annual basis riding on the back of a robust growth in consumer products and capital goods during the festive season.
Meanwhile, the wholesale price index-based inflation rose to (-)1.99% in November from (-)3.81% in October.
The 30-share gauge after cracking below the 25,000-mark to scale the day’s low of 24,867.73 in early deals, bounced back to wipe-off earlier losses on value-buying in several bluechip stocks and hit a high of 25,194.15 before ending 105.92 points or 0.42% higher at 25,150.35.
The gauge had lost 207.89 points in the previous session on a likely US rate hike and persistent GST concerns, while a fall in carmakers’ shares also added to the rout.
On similar lines, the NSE Nifty, which dipped below the 7,600-level intra-day to hit a low of 7,551.05 and finally settled 39.60 points or 0.52% higher at 7,650.05 after the day’s high of 7,663.95.
Metal stocks were back in limelight after the government on Friday imposed anti-dumping duty of up to 57.39% on import of certain stainless steel products from China, Korea, the US and EU for five years to save the domestic industry from cheap shipments.
Hindalco, Tata Steel and Vedanta Ltd were major gainers by rising up to 3.01%.
Other Sensex gainers were M&M, Coal India, HUL, Maruti Suzuki, Infosys, Sun Pharma, Dr Reddy’s, Wipro, BHEL, HDFC Bank, HDFC, Hero MotoCorp, GAIL, Lupin and RIL.
Among the 30 Sensex components, 19 advanced, while 11 including Axis Bank, Tata Motors and ONGC ended in the red. Sector-wise, the BSE metal index rose the most by surging 2.40%, followed by IT 0.83%, healthcare 0.71% and auto 0.40%.
Buying activity by retail investors also spread to mid-cap and small-cap stocks, which ended with gains up to 0.66% higher.
Globally, other Asian markets ended mixed with Shanghai ending 2.51% higher on upbeat economic data while European stocks were ruling higher as investors awaited the Federal Reserve’s impending rate decision.