Telecom, energy, banking, auto stocks help Sensex gain 117 points
Ending its three-day losing run, BSE Sensex on Monday closed higher by nearly 117 points or 0.36%. The recovery was made on the back of gains in telecom, energy, oil & gas, banking and auto stocks.
The 30-share index settled higher by 116.76 points or 0.36%, at 32,506.72, driven by gains in Reliance Industries, Bharti Airtel, ICICI, HDFC Bank and Infosys.
The broader Nifty of National Stock Exchange scaled the 10,200 mark intra day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38%. It shuttled between a high 10,224.15 and low of 10,124.50 in day trade.
The Nifty managed to end on a positive note, courtesy to smart buying in the latter half of the day, Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking, said.
“Market regained after a weak start due to expectation of earnings growth and positive global growth. Telecom sector outperformed on value buying in expectation of normalisation of tariffs, consolidation in the industry, and better outlook on data usage,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
Covering-up by speculators, who had been creating short positions, gave equities a push, a broker said.
Sentiment also got a lift after Revenue Secretary Hasmukh Adhia suggested some rejig …read more