Sensex snaps 3-week losing streak, bounces back by 435 points

The 50-share Nifty also rose by 141.10 points, or 1.90 percent, to 7,563.55.

PTI| Last Updated: Jan 30, 2016, 14:25 PM IST
Sensex snaps 3-week losing streak, bounces back by 435 points

Mumbai: The BSE Sensex snapped its 3-week losing streak by recovering 435 points to end at 24,870.69 on fag-end buying as investors built fresh long positions in view of the new derivatives series and positive global cues after Bank of Japan adopted negative interest rate policy.

"Market welcomed the February series on a firm note led by strong global cues and rebound in crude oil prices. Further, Bank of Japan negative interest rate policy and strong rupee has also cheered the sentiment of the investors," Hem Securities Director Gaurav Jain said.

The Sensex resumed higher at 24,540.97 and hovered in a range of 24,911.90 and 24,340.06 before ending at 24,870.69, showing a gain of 435.03 points or 1.78 percent.

The Sensex had dropped by 1,725.24 points or 6.59 percent in previous three weeks.

The 50-share Nifty also rose by 141.10 points, or 1.90 percent, to 7,563.55. It had tumbled by 540.75 points or 6.79 percent in previous week.

At the conclusion of its policy meet, the US Fed kept the door open for more interest rate hikes this year despite the lingering global economic uncertainty, which still added to the anxiety level.

However, the market got a boost following prospects of more stimulus in Europe and Japan and a recovery in oil prices due to a severe storm in the US.

The stock market remained closed on January 26 for "Republic Day" holiday.

Foreign portfolio investors (FPIs) bought shares net Rs 141.40 crore during the week as per the SEBI's record including the provisional figure of January 29, 2016.

In the 30-share Sensex pack, 17 stocks rose during the week.

Major gainers from the Sensex pack were: SunPharma by (10.50 percent), Dr Reddy (7.65 percent), Coal India (6.70 percent), HUL (5.73 percent) ONGC (4.46 percent), TCS (4.18 percent), ITC (3.52 percent), M&M (3.46 percent), NTPC (3.08 percent) and Reliance (3.10 percent).

However, Cipla fell 5.74 percent followed by Adani Ports by 4.06 percent, Axis Bank 3.76 percent, Larsen 3.49 percent, Bharti Airtel 3.06 percent, SBI 2.36 percent, Heromotoco 1.42 percent and Tata Motors by 0.78 percent.

Among the S&P BSE sector and industry indices, Healthcare climbed 4.89 percent followed by Consumer Durables 3.58 percent, Metal 3.49 percent, Power 3.31 percent, IT 2.74 percent, FMCG 2.66 percent, Realty 2.14 percent, Oils & Gas 2.04 percent, Teck 2.03 percent, and Auto by 0.92 percent, while Capital goods fell by 1.41 percent and Banking by 0.12 percent.

The BSE Mid-cap and Small cap indices advanced by 2.56 percent and 2.20 percent, respectively. Both these indices outperformed the Sensex.

The total turnover at BSE and NSE fell to Rs 10,420.61 crore and Rs 70,348.91 crore, respectively from the previous weekend's level of Rs 15,848.61 crore and Rs 88,235.23 crore, respectively.