Sensex snaps 3-day losing streak

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MUMBAI: Snapping a three-day losing streak, the Bombay Stock Exchange sensitive index, Sensex, closed higher on Wednesday by a moderate 36 points on institutional buying support in blue-chip IT stocks amid positive cues from European bourses.

In lacklustre activities, the Sensex moved erratically in a narrow range before concluding the day at 16912.77, a gain of 36 points against 16877.16 on Tuesday.

The 30-share index had lost over 300 points in three days of sustained selling. Even a promising 10.3 per cent growth in industrial production in October failed to enthuse markets. Investors also discarded merchandise exports reversing 13-month fall to post over 18 per cent growth in November, which augur well for the economy.

Asian indices ended mixed on Wednesday. Shanghai Composite, Hang Seng and Kospi closed in the red while the Nikkei, Straits Times and Taiwan weighted finished in the green. European markets displayed a firm trend in the opening trade.

Rupee appreciates

In line with equities, the rupee appreciated by four paise to close at 46.67/68 against the dollar on Wednesday on sporadic selling of dollar by exporters.

The dollar held at its 2-1/2-month high against a basket of major currencies in the overseas markets. — PTI



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