Sensex snaps losing streak, up 256 pts on Sebi measures

Positive global cues buoyed

Sensex snaps losing streak, up 256 pts on Sebi measures

The BSE-benchmark Sensex snapped its two-day losing streak and bounced back to end at 14,521.89 on fresh support from investors on the back of several measures announced by Sebi on Thursday and positive global cues.

The Bombay Stock Exchange 30-share barometer rose by 256.36 points or 1.80 per cent to settle the day at 14,521.89 from its previous close. It moved in a wide range of 14,559.08 and 14,179.77 during the day. The Sensex had dropped by 692.38 points or 4.63 per cent in last two days.

The Securities and Exchange Board of India on Thursday approved the “anchor investor” concept under which an investor can subscribe up to 30 per cent of the quota for institutional investors in an initial public offering. Asian stocks snapped a four-day slide on Friday after upbeat US factory and jobs data provided more evidence that the global economy is recovering.

The key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan ended higher between 0.55 per cent and 1.61 per cent.

European markets up

European markets also opened higher in early trade. France, Germany and London rose by 0.26 pct to 1.65 per cent.

SMC Global Vice-President Rajesh Jain said, “In the short term there would be selling pressure in the market as the expiry of derivatives contract for the current month will be next week.  Positive moves are expected after the expiry of derivative contracts on Thursday.” The broader 50-share Nifty of the National Stock Exchange shot up by 62.20 points or 1.46 per cent to close at 4,313.60 from its last close.

Sectoral indices

Among sectoral indices, capital goods shot up by 537.30 points or 4.58 per cent, followed by realty (99.77 points or 3.13 per cent), metals (301.61 points or 2.81 per cent), IT (74.37 points or 2.32 per cent) and Bankex (145.27 points or 1.82 per cent). Tata Steel’s share rose by 5.85 per cent as the firm raised prices by up to Rs 750 a tonne on account of improved domestic demand for the commodity. The market breadth was positive with 1,345 stocks showing gains while 1,293 others finished with losses.

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