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Bargain hunting snaps 3-day losing streak
Key markets indices eke out thin gains in choppy session
RIL leads rebound; Late buying in energy, metal and finance counters on positive global cues; Barring Hong Kong, Asian bourses Tokyo, Shanghai and Seoul ended in the positive territory
Mumbai: Snapping their three-day losing run, market benchmarks ticked higher after a see-saw session on Tuesday on fag-end buying in energy, metal and finance counters amid a firm trend in global markets. Covering-up of short positions by bears also supported the late recovery in stocks, traders said.
After swinging between gains and losses, the 30-share BSE Sensex finally closed 187.39 points or 0.33 per cent higher at 57,808.58 points. Similarly, the broader NSE Nifty climbed 53.15 points or 0.31 per cent to 17,266.75 points.
S Ranganathan, head (research) at LKP Securities, said: "As policymakers face one of the fastest pace of price increases in the developed markets, global stock markets are facing a challenge in pricing the likely actions by central bankers. Back home, the Nifty opened extremely weak and drifted closer to 17K levels on geopolitical worries and soaring oil prices with passive emerging market funds booking profits. As bond yields price in ahead of the RBI policy, supply of paper ahead of a mega primary market offering kept investors circumspect though indices managed to recover substantial lost ground to end in the green." "Indian equities were highly volatile on Tuesday, swaying between gains and losses, while managing to close on a positive note. Selling pressure from FIIs was countered by bargain hunting by domestic investors. European shares advanced over ECB President's comments stating that there are lower chances of a measurable tightening of monetary policy, which helped in comforting global investors," said Vinod Nair, head (research) at Geojit Financial Services. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs1,157.23 crore on Monday, according to stock exchange data.
Tata Steel topped the Sensex gainers' chart with a jump of 3.10 per cent, followed by Bajaj Finance, Bajaj Finserv, Reliance Industries, Titan, Asian Paints and Axis Bank. In contrast, PowerGrid, TCS, UltraTech Cement, Tech Mahindra, Kotak Bank, L&T and HDFC twins were among the losers, shedding as much as 1.66 per cent. Of the Sensex constituents, 19 shares closed higher while 11 were in the red. Sector-wise, BSE metal, energy, bankex, auto and finance spurted up to 1.06 per cent, while utilities, power, capital goods, realty and industrials declined as much as 2.82 per cent.
