Sensex snaps 8-day losing streak, gains 119 pts

Sensex snaps 8-day losing streak, gains 119 pts

Sensex snaps 8-day losing streak, gains 119 pts

The Sensex, which had lost 1,625 points in the last eight sessions, gained 119.32 points at 16,065.42 after moving between 16,212.95 and 15,970.11 during the day.

On similar lines, the broad-based National Stock Exchange index Nifty rose 34 points to 4,812.35 led by stocks in IT, metal, auto and tech sectors.

Brokers said the market was in the oversold position, following a 10 per cent fall this month and investors indulged in covering their pending positions ahead of the derivatives contracts settlement on Thursday and some made fresh purchases at attractive lower levels.

They said the market received further boost following firming trend in Europe on reports that ratings companies were not planning downgrade of America’s creditworthiness.

The buying activity was strong despite the rupee's falling to record levels, they added.

The MSCI All Country World Index snapped a six-day drop as US equity futures advanced.

The major contributors to the rally were Reliance Industries, Infosys, Maruti Suzuki, State Bank of India, HDFC Ltd., Tata Motors, Tata Steel, TCS and BHEL.

The IT sector gained the most by rising 1.95 per cent to 5,585.40 followed by metal index by 1.54 per cent to 10,227.92. Auto index rose by 1.08 per cent to 8,399.20 and Tech index by 1.06 per cent to 3,372.52.