Sensex snaps 5-day losing streak, ends by 41 pts higher
Snapping its five-day losing streak, the BSE benchmark Sensex today ended 41 points higher at 22,445.12 after surrendering early gains
Mumbai: Snapping its five-day losing streak, the BSE benchmark Sensex today ended 41 points higher at 22,445.12 after surrendering early gains on profit-booking in highly volatile trade.
After a promising start, the 30-share index rose further to 22,592.03 but soon profit-booking set in as investors adopted a cautious approach ahead of Lok Sabha election results on May 16.
It finally settled the day at 22,445.12, a gain of 41.23 points or 0.18 per cent from its previous level.
The key index had lost 472.65 points, or 2.07 per cent, in the previous five sessions.
The NSE’s Nifty moved up 4.55 points to 6,699.35.
Major gainers were Hinadlco 4.80 per cent, ONGC 1.93 per cent, RIL 1.82 per cent, Tata Steel 1.68 per cent, Larsen 1.62 per cent, Axis Bank 1.47 per cent and ITC 1.22 per cent.
HDFC dropped by 2.30 per cent, followed by Cipla 2.14 per cent, Tata Power 1.56 per cent, Bharti Airtel 1.41 per cent, Infosys 1.36 per cent and Wirpo 1.29 per cent
“Market is taking a cautious approach ahead of Lok Sabha elections results and profit booking is seen …. Weaker manufacturing activity reported last week has led to selling pressure. Some of the quarterly results reported so far have also failed to cheer market participants,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
Among the BSE sectoral indices, oil&gas rose by 1.53 per cent, Metal 1.21 per cent, capital goods 0.91 per cent, FMCG 0.50 per cent and bankex 0.40 per cent, while Teck fell by 1.16 per cent, IT 0.96 per cent, realty 0.75 per cent and healthcare 0.72 per cent
The market breadth turned negative as 1,493 stocks finished with losses, 1,254 stocks ended with gains while 124 rueld steady. The total turnover rose to Rs 2,435.17 crores. from Rs 2,313.62 crs on last Friday.