Reversing early losses, the BSE benchmark Sensex on Thursday bounced back to close over 56 points up helped by 5 per cent rise in Tata Motors shares on hopes of robust October sales and over 4 per cent rise in Bharti Airtel ahead of a key meeting to consider spectrum refarming issue.
The Sensex, which had gained 74.53 points in Wednesday’s trade, opened weak and was down over 60 points weighed down by Reliance Industries, HUL, ITC and Infosys in initial trades.
The sentiment reversed as reports of auto sales numbers started filtering in. Bajaj Auto, M&M and Maruti rose 1.3-1.7 per cent range and Tata Motors, which posted numbers after markets closed for the day, shot up by 4.89 per cent.
Shares of telecom major Bharti Airtel rose over 4.41 per cent on hopes of some easing as Empowered Group of Ministers (EGoM) on Thursday consider the recommendations of Telecom Commission on spectrum refarming, said dealers
The 30-share Sensex finally closed with again of 56.32 points or 0.30 per cent, at 18,561.70. On the similar lines, the wide-based NSE index Nifty ended 25.35 points higher at 5,645.05 after touching a low of 5,601.95 in early trade.
Shares of Wipro, which rose 7 per cent in early trade after the company announced separation on non-IT business, pared gains to close 3.02 per cent higher.
RIL shares also ended marginally positive, shrugging off weak initial sentiment.
Besides, a firming trend in the Asian region and a higher opening in the European market, also helped the late recovery on the domestic bourse, brokers said.
The BSE consumer durables sector index gained the most today by rising 5.57 per cent as stocks of Titan Industries rallied by a whopping 9.83 per cent on the back of company’s strong performance in the second quarter.
Asian stocks ended mixed on reports of Australian manufacturing and US business activity contracting and Panasonic Corp projected a full-year loss.
Key benchmark indices in China, Hong Kong, Japan and Taiwan closed with gains, while those from Singapore and South Korea finished with losses.
Europe, however, were quoting slightly better as investors awaited US manufacturing growth reports. The CAC and the DAX both were marginally up, and the FTSE was up 0.10 per cent
Back home, about 20 of the 30 Sense-based counters ended higher 8 scrips finished lower. Sterlite and NTPC closed unchanged. Besides Tata Motors and Bharti, other major gainers were Cipla (3.12 pc), Wipro (3.02 pc), Bajaj Auto (1.71 pc), M&M (1.66 pc), Tata Steel (1.41 pct), Hero MotoCorp (1.40 pc), Maruti Suzuki (1.32 pct), Jindal Steel (1.19 pc) and Sun Pharma (1.18 pc).
Kishor P Ostwal, CMD, CNI Research said: “Market closed 56 points plus and consolidation move is on amidst the earnings season. The Kejriwal effect was short-lived on RIL.”
Among losers, HUL dipped by 1.84 per cent, followed by ONGC (1.34 pc), ITC (1.26 pc), GAIL India (0.90 pc) and HDFC Bank (0.89 pc).
Across indices, the BSE-CD flared up on rise in Titan Industries, TTK Prestige and Whirpool. BSE-Auto also shot up by 2.20 per cent on smart rise in auto sales in the month of October. BSE-Realty and BSEPower also notched up gains.
BSE-FMCG, however, declined by 0.86 per cent.
Total market breadth remained positive as 1,673 stocks settled up while 1,162 counters ended down. The total market turnover was relatively up at Rs 1,987.22 crore from Rs 1,904.28 crore yesterday.
Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth a net Rs 248.48 crore yesterday as per provisional data from the stock exchanges.