Sensex ends 3-day losing streak, jumps 291 pts on value-buying
Mumbai : Equities rose for the first time in four days as the benchmark BSE Sensex rebounded from 20-month lows by recovering 291.47 points to end at 24,479.84 on value- buying in recently beaten-down stocks amid firm Asian cues.
Shares of capital goods, infra, banking, realty, power, healthcare, auto and oil&gas firmed up, helping the index to record its biggest single-day gain of 2016 so far.
Still, sentiment remained jittery in view of lackluster quarterly earnings by some blue-chips.
The 30-share Sensex after opening higher at 24,257.28 advanced to hit the day’s high of 24,563.34 and finally settled 291.47 points or 1.21 per cent higher at 24,479.84.
The index had lost almost 666 points in the previous three sessions following a massive dip in exports and weak global cues after crude slipped below USD 28 a barrel.
The 50-share NSE Nifty recaptured the crucial 7,400-mark by bouncing back 84.10 points or 1.14 per cent to 7,435.10.
Shares of heavy-weight, RIL ended 2.51 per cent higher at Rs 1,043.60 on BSE as participants widened their bets ahead of quarterly earnings, scheduled for after market closing today.
Overall, 22 scrips, out of 30 Sensex stocks ended higher. Other gainers were Adani Ports (5.90 pc) followed by Axis bank (5.23 pc), Tata Motors (3.71 pc), L&T (3.68 pc), Bharti Airtel (3.26 pc), ICICI Bank (2.74 pc), Hero MotoCorp (2.13 pc), HDFC (1.65 pc), ONGC (1.44 pc) and BHEL (1.30 pc).
Buying by retail investors too reemerged in broader markets helping the mid-cap and small-cap indices gain up to 1.75 per cent.
Among the BSE sectoral indices, capital goods gained the most by rising 2.85 per cent, followed by infra 1.81 per cent, bankex 1.68 per cent, realty 1.67 per cent, healthcare 1.49 per cent, power 1.27 per cent and oil&gas 0.97 per cent.
Globally, Asian markets led by Shanghai ended higher after Chinese GDP figures were mostly in line with expectations.
Meanwhile, China’s economy grew 6.8 per cent in the fourth quarter, data released today showed, easing from 6.9 per cent in the third quarter. This was the weakest pace of expansion since the first quarter of 2009.
Key indices in Hong Kong, Japan and Shanghai Composite moved up to 3.22 per cent. European markets too were in better shape in early trade.