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Buying in RIL, ITC lifts indices
Sensex, Nifty pare early loss on Asian, European cues, buying in heavy weights; Several positive domestic factors offset concerns about global interest rates and elevated oil prices
Mumbai : Benchmark Sensex rebounded from early lows to settle higher by 173 points on Wednesday following buying in Reliance Industries, L&T and ITC and positive trends in Asian and European markets. The 30-share BSE Sensex rose by 173.22 points or 0.26 per cent to settle at 66,118.69 with 20 of its components ending in the green and 10 closing lower.
The index opened lower and fell further to a low of 65,549.96 in morning trade. However, buying in Reliance, L&T, Infosys and Maruti helped it recover losses. Later, it jumped 226.8 points or 0.34 per cent to a high of 66,172.27. The Nifty gained 51.75 points or 0.26 per cent to end at 19,716.45. It moved between a low of 19,554 and a high of 19,730.70 in day trading.
“The market inched higher in the second half, driven by positive openings in European markets. Concerns about global interest rates and elevated oil prices are being balanced by several domestic factors which validate the premium valuation. Persistent outflows of foreign funds and rising US bond yields are expected to keep the broader
indices in bleak terrain, in the near term,” said Vinod Nair, Head of Research at Geojit Financial Services.
