Sensex snaps 7-day losing streak, rallies 323 points
The S&P BSE Sensex snapped its seven-day losing streak by jumping 323 points in late morning trade today on buying in banking, capital goods, auto, power, realty and refinery sectors amid persistent capital inflows coupled with higher Asian cues.
Encouraging second quarter earnings announced by some companies and further recovery in the rupee against the dollar also lifted the market.
Sustained foreign capital inflows mainly boosted the market sentiment as foreign institutional investors bought Rs 299.70 crore yesterday, as per the provisional data from stock exchanges.
The BSE-30 share index, Sensex, opened higher at 20,351.39 and shot up further to 20,531.72 before quoting at 20,517.62 points at 1030 hours.
It showed a sharp gain of 323.22 points or 1.60 per cent from its last close.
The Sensex had dropped by 1,044.96 points or 4.92 per cent in last seven days.
The NSE 50-share barometer Nifty rose by 101.40 points or 1.69 per cent to 6,091.00 at 1030 hours.
Major gainers were - Tata Motors (4.35 pct), ICICI Bank (3.80 pct), Larsen (3.24 pct), Bharti Airtel (3.01 pct), Hero Motocorp (2.40 pct), SSLT (2.34 pct), M&M (2.33 pct), Tata Steel (2.22 pct) and BHEL (2.13 pct).
Japanese stocks-led Asian markets opened higher today after third-quarter growth data beat expectations, while renewed expectations that the US Federal Reserve would maintain its stimulus weighed on the dollar.
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