Market snaps 5-day losing streak led by realty, banking and metal
At close, the Sensex was up 498.58 points or 0.64% at 78,540.17, and the Nifty was up 165.95 points or 0.70% at 23,753.45.
The BSE Sensex staged a strong comeback to end higher by nearly 117 points, reversing its three-session losing run on gains in telecom, energy, realty, oil & gas and IT stocks amid firm global cues.
The 30-share index closed higher 116.76 points or 0.36 per cent at 32,506.72. The NSE Nifty closed at 10,184.85, showing a gain of 38.30 points, or 0.38 per cent.
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Moreover, covering-up by speculators who had been creating short positions too gave equities a push.
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Sentiment also got a lift after Revenue Secretary Hasmukh Adhia yesterday said some rejig in GST rate structure is required to reduce the burden on small and medium businesses, brokers said.
Besides, positive cues from Asian markets with the Japan’s Nikkei posting the longest winning-streak in its nearly 70-year history as markets cheered the weekend election victory of Japan’s pro-business prime minister, had positive impact, they said.
After a long Diwali-holiday break, market commenced on a strong note at 32,411.86 points, tracking a firm trend at other Asian markets. But stocks quickly slipped into the negative zone to hit a low of 32,312.74 as participants booked profits at improved levels.
However, revival of buying towards the middle of the session helped the index wipe out losses and touch a high of 32,614.89 before settling 116.76 points or 0.36 per cent higher at 32,506.72.
Overall, in the last three straight sessions, the 30- share barometer had lost 243.68, including 194.39 points on the first day of Samvat 2074 in one-hour special ‘Muhurat’ session on Thursday on sustained foreign fund outflows.
The NSE Nifty after reclaiming the key 10,200-point mark, touched a high of 10,224.15 but settled lower at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38 per cent.
Intra-day, it also hit a low of 10,124.50.
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