Sensex up 51 points; erases initial losses as Hindalco, TCS shine
After losing over 120 pints, Sensex today staged acomeback as it closed 51 points higher, snapping a four-day downtrend, onbuying in pharma, IT and banks amid expiry of current month's derivativescontracts.
The BSE benchmark index, which had lost 360 points in last four tradingsessions, fell by 123 points in the morning on cautious trading. But in last 30minutes of trade, the index bounced back sharply to close at 17,541.64, 50.83points higher than yesterday's close on brisk buying.
Brokers said trading sentiment was bolstered on smooth expiry of August monthseries in the derivatives segment as traders covered their pending positionsand placed business volume of a record Rs 3.33 lakh crore.
In the 30-share Sensex, 21 stocks led by Hindalco Industries (up 2.27 percent), TCS (1.68 pc), Cipla (1.57 pc) and HDFC Bank (0.98 pc) gained. Ninecounters, however, ended with losses led by Gail (2.32 pc) and Maruti (2.13pc).
"Shares climbed to day's high in the latter half.
Volatility was higher due to F&O expiry. Recovery was prominent in realtyand banking. Global markets were, however, muted after weak retail sales datafrom Japan," said Nidhi Sarswat, Senior Research Analyst, BonanzaPortfolio.
In the broader market, 1,401 stocks rose with realty, healthcare, IT, banks andpower leading the charge. Metal, oil & gas and auto stocks were prominentamong the 1,327 shares that ended down today.
The 50-share National Stock Exchange index Nifty rose by 27.25 points, or 0.52per cent to 5,315.05.
All eyes are on the country's first quarter GDP data to be announced tomorrow,said dealers.