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Sensex Snaps Nine-session Slump on Value Buying, Global cues

In the past nine sessions, the Sensex had lost 1,622.62 points, while the Nifty cracked 465.05 points over eight trading days.


Updated:February 20, 2019, 5:04 PM IST
Sensex Snaps Nine-session Slump on Value Buying, Global cues
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Mumbai: Reversing a nine-session falling streak, the BSE Sensex rebounded 404 points on Wednesday as investors snapped up recently hammered stocks amid optimism in global markets over the US-China trade talks.

After a firm opening, the 30-share index stayed in the positive terrain throughout the session before finally finishing at 35,756.26, up 403.65 points, or 1.14 per cent.

The broader NSE Nifty soared 131.10 points, or 1.24 per cent, to 10,735.45.

In the past nine sessions, the Sensex had lost 1,622.62 points, while the Nifty cracked 465.05 points over eight trading days.

Metal, IT and banking counters chalked up smart gains Wednesday, with Vedanta topping the Sensex winners list with a jump of 4.67 per cent.

Other gainers included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 per cent.

On the other hand, Hero MotoCorp, HUL, M&M, Bajaj Auto and IndusInd Bank fell up to 0.56 per cent.

All the BSE sectoral indices finished in the green, led by metal (2.99 per cent), basic materials (2.24 per cent) and oil and gas (2.19 per cent).

"The market continues to fight the wall of worry, and bulls appear to be unwilling to give up the fight, as Indian equities had a strong day, up 1.3 per cent," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Commodities and metals led the gains, alongside IT and energy, as investors are expecting a favourable outcome of the US-China trade talks, he added.

Broader indices too ended positive, with the BSE Midcap and Smallcap rising up to 0.91 per cent.

Domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,163.85 crore on Tuesday, while foreign institutional investors (FIIs) sold shares worth a net of Rs 813.76 crore, provisional data available with BSE showed.

Global markets spurted on hopes of a positive outcome of the ongoing US-China trade negotiations.

US President Donald Trump Tuesday said the negotiations were going very well, but refrained from committing any extension of the March 1 deadline to arrive at an understanding.

In Asia, Hong Kong's Hang Seng jumped 1.01 per cent, Korea's Kospi rose 1.09 per cent, Japan's Nikkei ended 0.60 per cent higher and Shanghai Composite Index gained 0.20 per cent.

In the Eurozone, Frankfurt's DAX was up 0.40 per cent, Paris CAC 40 rose 0.09 per cent, and London's FTSE was up 0.05 per cent in early deals.

The benchmark Brent crude futures fell 0.44 per cent to USD 66.16 per barrel. Meanwhile, the rupee appreciated 26 paise to 71.08 against the US dollar intra-day.
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