Snapping its four-day losing streak, the Bombay Stock Exchange benchmark index Sensex on Wednesday emerged from early heavy losses to end with a gain of 87.29 points on renewed buying by funds in heavy-weight counters led by information technology and metals.
The Sensex, which commenced the day with a fall of 146 points, recovered to close with a gain of 87.29 points, or 0.50 per cent at 17,509.80. The key index lost nearly 280 points in the last four sessions.
Similarly, the wide-based National Stock Exchange index Nifty 50 rose by 23.55 points settle the day at 5,233.95, after dipping to a low of 5,169.55 during the session.
Amongst the 30 Sensex scrips, 15 closed with gains and the rest in the red. While the IT and tech continued to rally for the second day today after the bellwether Infosys had beat the street with its Q3 earnings yesterday, metals and healthcare sectors too gained the most on renewed buying.
The fag-end rally was backed by a rebound in the European markets, bucking the early weak trend in the Asian region following the weak Wall Street cues overnight. All the major Asian indices closed the day in deep red following the Chinese Central hiked the CRR by half-a-percentage points yesterday.
Software exporters led Infosys and TCS, which rose to record high on brisk buying, gained the most on expectations sales will rise, while banks continued their fall for the second day on concerns monetary policy may soon be tightened and their NPAs are rising. However, auto, bank, FMCG and capital goods stocks capped the gains.
TCS rallied 5.3 per cent today on expectation that it will announce a stellar Q3 results on Friday.