Sensex reverses losses to end with 116-pt gain on late buying

Sensex reverses losses to end with 116-pt gain on late buying

Sensex reverses losses to end with 116-pt gain on late buying

After slipping below 27K level in early trades, the benchmark Sensex today recovered smartly to end with a gain of over 116 points at 27,206.74 on good buying in bluechips including ITC, Tata Motors and ONGC even as global cues remained weak.

After a lower start at 27,008.12, the Sensex dipped below the 27,000-mark to touch a low of 26,918.93, down over 170 points. Buying after mid-session, however, lifted the BSE index to settle at 27,206.74, logging a gain of 116.32 points, or 0.43 per cent.

On Friday, the index had fallen 21.79 points, snapping two consecutive days of gain.

Besides ITC, Tata Motors and ONGC that gained in 3-4 per cent range, major Sensex gainers included Hindustan Unilever, SBI, Axis Bank, Hero MotoCorp, ICICI Bank, Bajaj Auto, GAIL, HDFC Ltd and TCS.

The 50-share NSE Nifty, after slipping below the 8100 mark to touch a low of 8,064.80, bounced back to close 24.85 points, or 0.31 per cent, higher at 8,146.30.

Both the key indices Sensex and Nifty, which were struggling to maintain 27,000 and 8,100-mark in early trades, managed to close above these levels.

"A fresh spell of buying in recent under-performers was a notable feature of today's session," said Deepak Pahwa, a Delhi-based broker.

Short covering ahead of monthly expiry on Thursday was also seen in select blue-chip stocks, traders said.

Small-cap index was up 0.51 per cent and Mid-cap rose by 0.20 per cent, indicating continued retail investor interest.

Buying activity also picked up momentum in non-Sensex stocks. Gitanjali Gems, PC Jewellers, Petronet LNG, Jaiprakash Associates and PPAP Automotive, among others, logged gains.

A weak closing in Asian stocks and a lower opening in Europe on reports that China dampened speculation on a potential, however, capped the gains on domestic bourses.

Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 6.53 crore last Friday as per provisional data. Sectorally, the BSE Consumer Durables sector index gained the most by surging 3.12 per cent, followed by FMCG index 1.90 per cent. Auto index 1.10 per cent, Oil & Gas index 0.88 per cent, and Banking index 0.29 per cent.