Sensex snaps 3-day losing streak, up 96 points

Sensex snaps 3-day losing streak, up 96 points

Sensex snaps 3-day losing streak, up 96 points

 The BSE benchmark Sensex snapped a three-day losing streak to rise 96 points in early trade today on fresh buying in banking, PSU, teck, auto, IT and consumer durable stocks in the wake of a sharp decline in food inflation, coupled with higher Asian cues.

The BSE benchmark Sensex resumed higher at 15,583.55 and hovered in a a range between 15,694.05 and 15,575.08 before quoting at 15,639.76 at 1015 hours, a net gain of 95.83 points, or 0.62 per cent, from its last close.

The NSE's 50-share Nifty index also moved up by 25.25 points, or 0.54 per cent, to 4,671.50 at 1015 hours.

The major gainers in early trade were Tata Motors (up 1.70 per cent), ICICI Bank (1.67 per cent), HDFC (1.32 per cent), Jaiprakash Associates (1.22 per cent), SBI (1.04 per cent) and TCS (0.84 per cent).

Interest rate-sensitive realty stocks edged higher after data showed food inflation fell to a six-year low, which could prompt the Reserve Bank of India to cut interest rates to revive the slowing economy.

Meanwhile Asian stocks moved as positive data from the United States helped allay concerns about the global economy.

The key benchmark indices in China, Hong Kong, Indonesia, and Japan rose by between 0.18 per cent and 0.82 per cent, while the indices in Singapore and Taiwan fell by between 0.11 per cent and 0.21 per cent.