Sensex snaps 4-day losing streak; zooms by 287 points
Zee Media Bureau
Snapping its four-day losing streak, the benchmark BSE Sensex Tuesday recovered by over 279 points in early trade on emergence of buying by funds and retail investors amidst fall in global crude oil prices.
The 30-share index gained 287.35 points, or 1.15 percent, to 25,318.67, with all the sectoral indices led by realty, power, banking and capital goods, are trading in positive zone with gains up to 1.64 percent.
The index had lost nearly 490 points in the last four sessions.
Similarly, the wide-based National Stock Exchange index Nifty moved up by 73.95 points, or 0.99 percent, to 7,567.30.
Brokers said emergence of buying by funds and retail investors supported by fall in global crude oil prices after fading of fears about supply disruption in the wake of Iraq crisis influenced the trading sentiments here.
Meanwhile, in Asian trade West Texas Intermediate was down 47 cents at USD 105.70 while Brent crude eased 19 cents to USD 113.93 in mid-morning trade.
Stocks of sugar companies such as Bajaj Hindusthan, Shree Renuka Sugar, EID Parry, Dhampur Sugar and Rajshree Sugar continued rally and rose up to 7.63 percent.
The government yesterday decided to hike the import duty on sugar and provide an additional interest-free loan of up to Rs 4,400 crore to pay dues to cane growers.
However, foreign institutional investors, who supported a 21 percent rally in the Nifty so far this year, sold Indian shares for the second straight day on Monday, with Rs 2.15 billion of stock offloaded.
In the Asian region, Hong Kong's Hang Seng index gained 0.49 percent, while Japan's Nikkei was down 0.45 percent in early trade.
The US Dow Jones Industrial Average ended 0.06 percent lower in yesterday's trade.
With agency inputs