Mumbai: Snapping its six-day losing streak, the benchmark BSE Sensex on Wednesday surged 359 points to recover from near eight-month low to 26,840.50 on value-buying as MSCI deferred inclusion of China A shares in its index.

Moreover, rupee’s recovery against dollar to 63.84, too boosted sentiment.

The Sensex opened on a strong footing at 26,517.32 and continued its upward trend to hit day’s high of 26,934.74 on across-the-board value buying in blue-chips. However, due to profit-booking at higher levels, the index slipped at the fag-end and closed 359.25 points, or 1.36%, higher at 26,840.50. The gauge had lost 1,367.74 points in the previous six days.

Brokers said apart from value buying, MSCI deferring inclusion of China stocks to its benchmark indices, rather opting to sort out regulatory issues, bolstered trading sentiments. Stocks of Bharat Heavy Electricals Ltd (Bhel) emerged top gainers among 30-Sensex stocks by surging 4.21% to 251.40, followed by Wipro Ltd 3.60% to 563.30.

The 50-share NSE Nifty halted its seven-session falling trend and reclaimed the 8,100-mark by surging 102.05 points, or 1.27%, to close at 8,124.45. Other gainers on the Sensex included, Bajaj Auto Ltd 3.08%, Reliance Industries Ltd (RIL) 2.49%, Larsen and Toubro Ltd 2.37%, Tata Power CO. Ltd 2.22%, ICICI Bank Ltd 1.85%, Infosys Ltd 1.69%, Tata Consultancy Services Ltd (TCS) 1.72% and Tata Motors Ltd 1.40%.

Stocks of sugar companies were back in the limelight after the government on Wednesday approved 6,000 crore interest-free loan to sugar mills to help them clear partly cane price arrears to farmers that has touched about 21,000 crore.

Meanwhile, foreign investors sold shares worth 645.02 crore on Tuesday as per provisional data. Sectorally, the BSE IT gained the most by surging 2.08%, followed by capital goods 2.04%, auto 1.82%, oil and gas 1.33% and bankex 1.26%. Tracking overall trends, broader markets were also in better shape with BSE small-cap index rising 1.11% and mid-cap index gaining 1.08%. Globally, a weak trend was seen in other Asian markets and higher opening in European markets.

Close
×
My Reads Logout