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Sensex snaps 4-day losing streak, ends up 1.24%

Sensex snaps 4-day losing streak, ends up 1.24%
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First Published: Wed, Mar 05 2008. 04 48 PM IST
Updated: Wed, Mar 05 2008. 04 48 PM IST
Mumbai: The Sensex closed up 1.24% on 5 March 2008, snapping four days of losses as software stocks rallied despite lacklustre Asian market trends, dealers said.
They said sentiment remained cautious on concerns of fading foreign investor interest ahead of an expected global economic downturn.
The benchmark 30-share index rose 202.19 points to 16,542.08.
The 50-share Nifty of the National Stock Exchange ended the day with a gain of 57.15 points at 4,921.40.
“This was a small recovery but we expect the markets to remain weak in coming days,” said a dealer with brokerage Prabhudas Lilladher.
The markets will be closed for trading Thursday on the occasion of Shivratri.
Afternoon trade
A recovery move was witnessed on the Bombay Stock Exchange at midsession today as benchmark Sensex gained nearly 188 points on revival of buying by funds in heavy-weight stocks led by Infosys and Reliance Industries.
The Sensex, which remained in bearish form for the last four trading sessions by losing over 1,486 points, bounched back by 188.35 points at 16,528.24 at 1430 hours.
The weakening trend reversed after the heavyweights Reliance Industries, Infosys and Tata Consultancy Services gained notably on heavy buying by investors.
Infosys, the nation’s second largest software services exporter, rose by Rs44.65 to Rs1,464.55, its steepest percentage rise since 21February. TCS gained Rs22.45 to Rs876, its highest since 28 February.
Reliance Industries, world’s third biggest refiner, rose by Rs17.50 to Rs2,259 and ONGC advanced Rs21.30 to Rs980 after Macquarie Research raised its rating to “outperform” from “neutral” and increased its share price estimate to Rs1,100 from Rs 1,050 on expectation that crude oil prices will remain high.
Early morning trade
The Bombay Stock Exchange benchmark Sensex is trading in the green after having opened lower. The 30-share indes was trading up 82.74 points, or 0.5% to 16,422.63 at 10:20 hrs. Earlier the index fell more than 60 points in the first 15 minutes of trading.
The Sensex recovered after investors began fresh buying in some fundamentally strong shares.
Similarly, the 50-share National Stock Exchange index, Nifty, gained 23.75 points to 4,888 as heavy-weight stocks like Reliance Industries, Infosys and Tata Steel rose on retail buying.
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First Published: Wed, Mar 05 2008. 04 48 PM IST