Sensex bounces ending four-day losing streak

Agency News

The BSE Sensex and Nifty witnessed a sharp rebound on Friday, ending their four-day losing streak. The gains in the market were in-line with the gains seen in other Asian markets and European indices. US stock futures also traded with nearly five percent gains. The Sensex rose over 2100 points in intraday trade before settling 1,627.73 points or 5.75% higher at 29,915.96. The Nifty meanwhile, closed 482 points or 5.83% higher at 8,745.45. Both the indices registered their best day in nearly six months.

Gains in the market were led by IT and energy stocks with their respective NSE sub-indices -- Nifty IT, Nifty Energy -- gaining 9.03% and 8.63% respectively. Among the Nifty stocks, Bharti Infratel was the top gainer, up 19.43% followed by ONGC, Gail, HUL, RIL, TCS and Tata Steel, which rose between 9.53% and 18.57%.

However, the carnage in banking stocks continued on Friday. Yes Bank was the top loser in Nifty, down 14.84% followed by HDFC Bank and IndusInd Bank, which fell 1.385 and 0.87% respectively. Out of the 50 stocks in the Nifty, only four ended with losses while the remaining 46 stocks closed in the Green.

'The announcements by global central banks and stimulus measures are helping. Some short-covering is also happening,' Mr. Mayuresh Joshi, head of equity research at William O'Neil & Co was quoted as saying.

On Thursday, the BSE Sensex closed at 28288.23 down by 581.28 points or 2.01% and NSE Nifty closed at 8263.45 down by 205.35 points or 2.42%. UNI