Sensex Rallies for 6th Session in a Row; Pharma, Metal Stocks Shine
The hectic buying in late afternoon trade reversed the day's losses and helped the Sensex scale 36,375.38 before settling 77.01 points, or 0.21 per cent, higher at 36,347.08.
Mumbai: The benchmark Sensex wiped off early losses to end 77 points higher at 36,347, the sixth consecutive session of gains, after fag-end buying mainly in pharma, metal and capital goods stocks offset losses in information technology and FMCG counters amid weak global cues.
Also, the broader NSE Nifty ended above the 10,900-mark.
The BSE Sensex swung almost 329 points both sides on hectic selling and buying during the session.
The 30-share index started off the day lower at 36,226.38 and continued to slide as selling pressure gathered momentum and hit a low of 36,046.52 in line with a weak trend in Asian markets and lower opening of European shares.
However, hectic buying in late afternoon trade reversed the day's losses and helped the Sensex scale 36,375.38 before settling 77.01 points, or 0.21 per cent, higher at 36,347.08.
The gauge had risen over 1,310 points in the last five sessions.
The 50-share NSE Nifty too rose by 20.35 points, or 0.19 per cent, to end at 10,908.70. Intra-day, it traded between 10,819.10 and 10,915.40.
Traders said falling crude prices in the global market was a big boost for the economy as it cuts the country's import bill burden.
The appreciation in the rupee too influenced market mood.
Globally, stocks slipped into the red tracking overnight sharp losses at the Wall Street as investors continued to fear weakening growth amid caution ahead of the US Federal Reserve's two-day meeting, beginning on Tuesday.
The US Federal Reserve's policy decision is expected on December 19 and the market is expecting another rate hike, traders said.
According to provisional data, domestic institutional investors sold shares worth a net of Rs 76.84 crore, while foreign institutional investors (FIIs) offloaded shares to the tune of Rs 60.95 crore on Monday.
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