Sensex, Nifty rebound from 3-week lows on strong global cues
Mumbai: Rebounding from three-week lows, the benchmark Sensex today jumped 365.89 points to 27,274.71 and Nifty rose 132.50 points to 8,234.60 on value-based buying in bluechips amid positive global cues on strong US data and fresh Eurozone stimulus hopes.
Besides, strength in the Indian rupee, which sharply appreciated to 62.60 levels intra-day against the US dollar, also supported trading sentiments in equities, brokers said.
The BSE Sensex, which opened in the positive zone, rallied further to reclaim the crucial 27,000-mark. It hit day’s high of 27,316.41, before settling with a gain of 365.89 points, or 1.36 per cent, at 27,274.71.
In the previous three sessions, the index lost nearly 980 points to slump to three-week lows.
Value-based buying in several blue-chip stocks, which became attractive after recent losses, also helped the the barometer to close higher, market analysts said.
Barring RIL, 29 Sensex constituents in the 30-share index ended in the green with gains led by Tata Motors, ITC, ICICI Bank, Hindalco and GAIL.
Infosys shares closed up ahead of December quarter earnings and TCS gained too. Coal India stock gained after workers called off a strike.
All the BSE sectoral indices notched up gains with realty, banking, FMCG, power and auto emerging as leaders.
Retail investors poured money into mid-cap and small-cap shares with respective indices up about 1.8 per cent each.
The NSE Nifty index also reclaimed the 8,200-mark by jumping 132.50 points, or 1.64 per cent, to end at 8,234.60, Intra-day, it moved between 8,243.50 and 8,167.30. As many as 48 of 50 constituents in Nifty rose.
Globally, most Asian markets closed up and European indices were trading firm. A strong closing in US markets yesterday on upbeat employment data and halt in sliding crude oil prices helped cement gains.
Meanwhile, data showed foreigners sold shares worth a net Rs 1,073.18 crore yesterday.