Sensex rebounds 164 pts on global cues; ends 3-day losing run

Sensex rebounds 164 pts on global cues; ends 3-day losing run

Cutting short its three-day losing run, the benchmark BSE Sensex today rebounded by 164 points to close at 29,332.16 as oil & gas, auto, metal and capital goods stocks advanced amid rebound in global markets.

Brokers said the sentiment got a lift largely in tandem with a rebound in global markets ahead of a crucial congressional vote on US healthcare reform later in the day.

After opening higher at 29,201.01 points, the Sensex advanced to hit a high of 29,373.79 in day trade. It, however, pared some of the gains due to profit-booking towards the close and finally settled at 29,332.16, up by 164.48 points or 0.56 per cent.

The 30-scrip gauge had lost 481.31 points in the previous three sessions as euphoria over the BJP's win in key state of Uttar Pradesh tapered off and concerns over US President Donald Trump's ability to deliver on promises on tax and banking reform sank in.

The NSE Nifty also moved up 55.85 points, or 0.62 per cent, to 9,086.30 after shuttling between 9,099.05 and 9,048.60.

Buying activity was so strong that all the sectoral indices except FMCG ended in the green, rising up to l.21 per cent.

Tata Motors was the biggest among Sensex scrips, rising by 2.59 per cent. GAIL, NTPC and Wipro too rose up to 2.39 per cent.

Reliance Industries and Infosys also advanced over 1 per cent to help the index close with strong gains.

Tracking overall trends, the broader markets were also in better shape with the mid-cap surging 0.96 per cent and the small-cap index rising 0.79 per cent.

FMCG majors ITC and Hindustan Lever lost up to 1 per cent.

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