Stocks snap losing streak; Sensex gains 296 points

Sensex gains 296 points
Closing Bell: Stocks snap losing streak; Sensex gains 296 points

Equities staged a smart recovery Wednesday backed by positive global cues and as traders bought stocks at lower levels and covered short positions. Mirroring the trend in East Asian markets, key indices gained over 2 per cent at the high of the day, with shares of banks and capital goods leading the advance. The rally appeared to be losing momentum mid way, till heavy covering in the real estate sector saw the market close significantly higher.

“This was a pull-back rally fueled by short covering. The market had been steadily falling for the past couple of sessions and made a new low yesterday. But its looks like the Nifty will hold around 4500 level. The broad range I’m looking at is 4475-4650,” said Hitesh Sheth, head of technical research at Prabhudas Lilladher. National Stock Exchange's Nifty closed at 4523.60, up 74 points or 1.66 per cent from Tuesday. The index touched a high of 4541.05 and low of 4468.05 intraday. Bombay Stock Exchange's Sensex closed at 15,185.32, up 296 points or 1.99 per cent. The index touched a high of 15,225.81 and low of 15,009.48 during the day.

Biggest Sensex gainers were BHEL (up 7.19%), Ambuja Cements (7.17%), DLF (6.53%), HDFC Bank (4.74%), HDFC (4.1%), Bharti Airtel (3.78%) and ACC (3.09%). Index losers comprised Tata Motors (down 1.42%), Reliance Communications (1.41%), Grasim Industries (1.13%), ITC (1.09%), Maruti Suzuki (1.07%), Hindustan Unilever (0.79%) and Wipro (0.1%). Secondline stocks too picked up steam driving the BSE Mid-cap and Small-cap indices 1.42 per cent and 1.72 per cent higher respectively.

Market breadth on BSE showed 1,828 advances and 811 declines. Sector wise, the recently beaten down realty and capital goods attracted investor interest. The BSE Realty Index closed 3.07 per cent higher and BSE Capital Goods Index gained 2.44 per cent. Meanwhile, most markets in Asia, barring China and Hong Kong, ended with gains. Equities in Europe also moved higher and US index futures were indicative of a positive opening later this evening. The rupee rose against the dollar to close at 42.89. Oil prices have slumped 5.2 per cent in the past two sessions to close at $131.31 a barrel on the NYMEX Tuesday. Today however, the commodity rose to $134.60.



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