Sensex Rebounds After Early Setback, Snaps 3-day Losing Streak
(RTTNews.com) - The Indian stock market rebounded strongly after a steep slide and ended on a firm note on Wednesday, snapping a three-day losing streak, with traders indulging in some hectic short-covering ahead of expiry of near month derivatives contracts tomorrow.
Gains in heavyweights Reliance Industries, HDFC and HDFC Bank contributed significantly to market's positive close.
The undertone, however, was quite cautious amid lingering worries about global economic slowdown and political uncertainty in the U.S.
The benchmark BSE Sensex, which plunged 460 points to a low of 35,010.82, rallied to 35,711.26 before eventually settling at 35,649.94 with a gain of 179.79 points, or 0.51%.
The National Stock Exchange's Nifty50 ended up 66.35 points, or 0.62%, at 10,729.85, nearly 200 points off the day's low of 10,534.55.
On Monday, the Sensex ended down 271.92 points, or 0.76 percent, at 35,470.15, while the broader Nifty index dropped 90.50 points, or 0.84 percent, at 10,663.50. Markets remained closed on Tuesday for Christmas.
Telecom, capital goods and bank stocks were among the prominent gainers.
Zee Entertainment Enterprises, Adani Ports, Bharti Airtel, Bajaj Finserv and HDFC Bank gained 2 to 4.3%.
Ultratech Cement, HDFC, UPL, GAIL India, Grasim Industries, JSW Steel, Indiabulls Housing Finance, Reliance Industries, Titan, ICICI Bank, Larsen & Toubro and Dr Reddy's Laboratories gained 1 to 2%.
Sun Pharmaceutical Industries, Yes Bank and Tata Consultancy Services were among the notable losers.
Chemfab Alkalis rose sharply after the company said that manufacturing facility at Sricity, Andhra Pradesh, has been commissioned successfully.
Shares of airliners Jet Airways and SpiceJet moved higher, buoyed by crude oil's fall to 18-month lows on Monday.
The market breadth was weak. On BSE, 1066 stocks advanced and 1493 stocks declined, while 156 stocks ended flat.
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